Michael J. Gallagher, a partner in the Business and Commercial Practice Group, sat down with Buffalo Law Journal to discuss the options available to entrepreneurs looking to incorporate their business, and the things to consider before forming an LLC.
“It’s the protection of the assets that kind of gets them in the door, but that next stage of the discussion is just as important. I tell them, ‘Let’s set it up in the right way for what you want to do and where you see yourself taking this business over the next five years,’” says Mike when asked how he begins incorporation discussions with clients.
The article continues on to highlight the rise in LLC popularity since its designation as a business class in 1977, and the various business aspects to be considered prior to incorporating. Before explaining potential scenarios that would warrant incorporation, Mike says, “Corporations are governed by laws and the rules are found in these laws. An LLC is really a creature of contract and the rules of the game are in an operating agreement and the attorney who is forming the LLC drafts that operating agreement.”
“Attorneys’ Advice: Forming a Business Entity Is Essential to Protecting Individual Assets,” Buffalo Law Journal, March 20, 2017