Whether you are buying or selling a business, or starting a new business, Dinning & Greve, P.L.C. can help you choose the best legal form, prepare all of the documents and handle the government filings. The following are the most common types of business entities in Michigan:

Sole Proprietor - This is the simplest type of business which requires no legal formalities. This is just an individual who starts conducting business and reports all income and expenses on his or her personal tax returns.

Corporation - This is the most formal and potentially complex business form. A corporation is a separate legal "person" which is owned by "Shareholders", managed by Officers such as the President, Secretary and Treasurer and which is supervised by a Board of Directors. It is possible to have a one person corporation. Limited Liability is one of the benefits of incorporating which means that Shareholders are not responsible for the debts and liabilities of the corporation out of their personal assets.

Partnership - When two or more persons go into business together, whether or not there is a written agreement, a partnership results. A general partner is personally responsible for the partnership liabilities and any partner can make decisions that bind the other partners.

Limited Liability Company or L.L.C. - An L.L.C. is similar to a corporation by having limited liability of the members. It is similar to a partnership in that the management can be less formal and any member can bind the L.L.C.

Subchapter S Corporation - This is a regular corporation that has made a tax election to have income and expenses reported by the shareholders on their individual income tax returns.

Doug and Ron can help you get organized and can advise you on a continuing basis to make sure your records are current and that you are observing all of the legal formalities.