One of the first steps in building a business is choosing a business entity. Different entity types have different features pertaining to liability, taxation, management and ownership.
Consulting with a business formation lawyer will help you to evaluate the different entity types, and choose the one that is most appropriate for your business goals and structure.
Kennan provides personalized business formation services, including formation of corporations, LLCs, partnerships and more. Call today for a free business formation assessment.
A final determination will depend on the business owner’s specific goals, strategies and preferences.
A business formation lawyer can help assess the business issues, and develop a formation strategy to limit the risk of liability and maximize operational efficiency.
Types of Business Entities Include
Professional Corporation (PC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Civil litigation is like a game of chess. Outsmarting your opponents requires knowledge, experience, and a smart strategy.
And no matter what side of the case you’re on, that requires a tough civil attorney on your side.
Kennan loves “playing chess” and has successfully litigated civil cases in state and federal courts since 1983.
With a three and half decades of legal experience under his belt fighting for clients on both sides.
That means if you’re sued, he can help defend you. Or if someone has caused you harm, he can help you file your civil lawsuit and prosecute the responsible party.
In addition, if you’re at a stalemate and want to avoid trial, he can help you resolve your case through mediation to help save you the high cost of long protracted litigation and trial.
Where does it start? Contact Kennan to review your case and determine if you have a case at all and get a free case consultation.
An emphasis of the practice is securities law: Kennan has advised companies raising money about what type of offering is best for them and handle the disclosure documents and filings. See below for more information on this.
Clients' businesses range in size from individuals and an entrepreneurs' first start-ups through large corporations. Find out how to raise money without breaking the law.
The traditional federal Rule 506b offering allows an unlimited number of accredited investors and up to 35 non-accredited but sophisticated investors. (Accredited is basically $1 million in net assets, excluding the primary residence or $200,000+ in annual income. Sophisticated is intelligent in terms of investment, either personally or through an independent investment advisor.)
Investors may be from any state or from foreign countries. Targeted contacts may be made to persons the company reasonably believes are qualified. Web sites and social media cannot advertise any past, present or future offerings, but if very careful can describe what the company does and direct those who want further information to complete an investor questionnaire.
At least some audited financials may be required if the company is not a start-up and at least some investors will be non-accredited. No prior approval by a securities agency is required, but certain filings must be made.
A similar California-only offering, the 25102(f), is limited to California companies and investors only but also allows a third category of investors – basically long-term friends, family and colleagues – even though they are not accredited or sophisticated.
The relatively new advertised Rule 506c allows full public advertising but is limited to accredited investors only. In addition, it requires the investors to provide documentation providing some evidence that they are accredited; many investors are resistant to this.
California has the 25102(n) offering that is limited to California companies and investors but allows “half-accredited” investors (with roughly half the requirements of an accredited investor) and allows full public advertising (including on the Internet) of a brief “tombstone ad” that sets out the offering type and price.
Wills & Trusts
Wills & Trusts
Wills and Trusts are important parts of estate planning. Kennan's comprehensive knowledge of the ins and outs of Wills and Trusts puts his clients at a clear advantage when it comes to protecting their assets and their families.
Why do you need a will?
A Will (or Last Will and Testament) is the document in which you communicate to your family, friends, and the state of California your wishes concerning how your accumulated wealth will be distributed when you die.
In your Will you stipulate:
To whom you want your assets distributed -- not only heirs and beneficiaries, but possibly charitable, educational, or other institutions
The person you want as your executor to administer your estate after you’re gone
The personal guardian to care for your minor children if they are orphaned by your death
The person you trust to manage property you have left to your minor children
Your will may also state your wishes concerning your funeral or memorial service, your burial or cremation, or whether you want to donate your organs or tissues for life-giving or scientific research purposes. You should be aware that Heritage Legal can assist you in changing your Will at any time to remove a beneficiary or to add one. In such a case, the old Will will be destroyed or supplanted.
The Purposes of Trusts
Depending on the type of trust you decide is right for you and your loved ones, the trust we create for you may:
Protect your funds from unnecessary taxation
Control how and when your assets will be distributed after your death
Help your loved ones avoid the cost and delay of probate
Protect your privacy (since a Will is a public document and a trust is not)
Kennan is well-informed and ready to assist you in zeroing in on the trusts most appropriate to your situation. When you create a trust, you are the trustor; the person named to manage the trust is the trustee.
Revocable Living Trusts
Revocable living trusts, also known as an inter vivos trusts, can hold a large proportion of your assets with certain exceptions (such as retirement accounts). The advantages of a revocable trust are that it can be altered or eliminated whenever you wish, as long as you remain mentally competent, and that it avoids the costly, often time-consuming process of probate.
Irrevocable trusts, as their name clearly states, cannot (except under extraordinary circumstances) be altered once they have been created. They do, however, like revocable trusts, take your money legally out of your ownership, so no matter how sizable your estate, you will not be charged estate taxes. The funds in trusts can also be directly transferred to your beneficiary without the inconvenience of probate. In addition, irrevocable trusts offer the benefit of allowing you to stipulate when, and under what circumstances, your assets may be distributed to the beneficiary named in the trust. With an irrevocable trust, for example, you can decide that a certain amount will not be given to a particular beneficiary until he/she graduates college. There are a great many types of irrevocable trusts, each with a specific purpose.