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Corporations & Partnerships

A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter (i.e. by an ad hoc act passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration.

An important (but not universal) contemporary feature of a corporation is limited liability. If a corporation fails, shareholders may lose their investments, and employees may lose their jobs, but neither will be liable for debts to the corporation's creditors.

Forming a legal partnership in New York State can be difficult in regards to tax and liabilities, and it’s important you speak to your attorney before entering into agreements. For example, if your partnership has an employee or employees in New York (other than you and your partners), you need register for New York employment taxes.

It is also strongly suggested that you and your partners sign a partnership agreement laying out the rights and responsibilities of the partners.

Trump & Boutcher LLC specializes in New York State Partnership and Corporation formations, and has helped many clients with their business needs in regards to incorporations and partnerships. Contact us if you have any questions about forming a corporation or partnership.

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Trump & Boutcher
46 Route 25A, Suite # 8
East Setauket, NY 11733