Hagen Law assists the businesses in and around Sussex County, NJ with a variety of legal matters. We help you achieve your goals by tailoring our approach to your individual needs. Whether you are just starting up, growing and expanding, or even winding down, Hagen Law is there every step of the way.
Hagen Law can assist with your entity’s legal registered status with New Jersey state and local governments whether it be formation as a domestic entity, qualification as a foreign entity, withdrawal from qualification, or dissolution. We also provide annual report filing services to meet your annual compliance needs.
Depending on the structure of your entity, you may be required to adopt and maintain certain organizational documents. Hagen Law can assist with the drafting and amendment of organizational documents such as operating agreements, partnership agreements, and by-laws, as well as any maintenance documents such as meeting minutes and unanimous written consents.
There are four types of business entities that can be formed in New Jersey, each having their own pros, cons, and tax implications: sole proprietorships, general and limited partnerships, limited liability companies, and corporations.
A sole proprietorship is the most basic type of business that can be established in New Jersey. You, alone, own the company and are directly responsible for its assets and liabilities.
General and Limited Partnerships
A partnership is an association of two or more persons to carry on as co-owners a business for profit. In general partnerships, each partner is jointly and severally liable for the actions of the partnership as a whole. This means that a general partner can be held responsible for his/her actions as well as the actions of other general partners and employees. A limited partnership has both general and limited partners. The limited partners have limited liability and are held accountable for their actions and the actions of those employees they supervise; limited partners are not liable for the actions taken by other partners. In either case, a partnership agreement should be created to define the roles of each partner and what would happen if the business fails.
Limited Liability Companies
A limited liability company (LLC) is a hybrid between a partnership and a corporation. Similar to a C-corporation, each business owner of the LLC, or member, has limited liability – no one is personally liable for the debs of the company. However, unlike a corporation, the company itself does not file separate taxes. Each member includes their profits on their personal tax return.
The corporate structure is the most complex form of business entity and is generally suggested for larger, established companies with multiple employees. It is a separate entity from those who own and operate it, meaning that the company can be taxed and sued independently from its owners. The corporate structure shields its shareholders from liability but may subject its shareholders to double taxation.
If you are unsure which type of entity is most suitable for your business purposes, Hagen Law can help.
Business & Corporate Contracts
Contracts are an integral part of conducting business and should be given careful consideration as they are designed to protect the respective interests of the parties involved. A well-developed contract can save you and your business from costly, time-consuming litigation in the future. Hagen Law has the experience your business needs when it comes to drafting and negotiating a variety of business contracts including, but not limited to, vendor agreements, supply agreements, confidentiality agreements, terms and conditions of sale, and real estate leases. We also provide contract lifecycle management services to assist with meeting contract renewal and/or termination deadlines.