Corporate & Limited Liability Formation

Limited Liability Companies
A Limited Liability Company, or LLC, is a legal entity to hold and operate your business. As the name implies, it limits the liability of the owners (called members). LLCs are unique in that it can be set up to be taxed how the owner wants (as an S-Corp, a partnership (if there are multiple members), or a disregarded entity), without affecting the asset protection attributes. Many times people think it is simple to create an LLC – the misplaced assumption is that once you file the Articles of Organization, you are all set. The key to creating and operating a well-formed and functioning LLC is the operating agreement – the set of rules that govern the operations of your LLC.
Corporations
Corporations are a legal entity to hold and operate your business. The key feature of the corporate structure is that it limits the potential liability of the investors to the amount of money invested. It is important to have well written by-laws, and then follow the rules that have been set out in those by-laws (e.g. holding an annual meeting). You do not want to give anyone the ability to “Pierce the Corporate Veil.”

Our mission at Waters, Tyler, Hofmann & Scott, LLC, is to provide quality legal services for our clients in Indiana and Kentucky.  

Our objective is to employ state-of-the-art technology in conjunction with a highly-informed staff of lawyers, paralegals and legal secretaries to provide clients maximum economy and efficiency while insisting on the highest standards of confidentiality and professionalism.

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