Phil advises both publicly and privately held companies in a wide variety of industries, including financial services, insurance, staffing, and technology, among others, and has served... more
Phil advises both publicly and privately held companies in a wide variety of industries, including financial services, insurance, staffing, and technology, among others, and has served as lead counsel or co-lead counsel on over 100 transactions. Phil assists businesses in structuring, negotiating and completing mergers, acquisitions, divestitures and joint ventures, as well as in matters relati... view profile
Creating a limited liability company, or LLC, is one of several ways to structure a business. The other choices are general, limited, or limited liability partnerships. A shareholder in an LLC is not personally liable for any of the debts of the company, other than for the money they invested in that company. In a general partnership, all partners manage the business and are personally liable for its debts. In limited partnerships, partners' liability is limited and they have no voice in the decision-making. And in a limited liability partnership (LLP), all partners have some degree of limited liability. A lawyer with LLC experience can help you determine if forming an LLC is advantageous and appropriate for your business. If you decide to form an LLC, the attorney can draft the paperwork you need to formalize your choice, including provisions for management, ownership transfers, and profit and loss distributions.