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Set Yourself Up for Business Success

Business Law

Your Business Can’t Afford the Wrong Business Law Attorney

  • Running a business out of your back pocket exposes your assets to business mistakes
  • Mistakes in your business organization can expose your personal and business assets to tragic loss
  • Without an agreement, state law determines the rules for your company

Protect Your Personal Assets

A proper business plan and setup helps to protect your personal assets in case of lawsuits against the business.

Protect Your Business

The wrong business structure can limit the growth of your business.

Rest Easy & Stop Worrying

Your business plan will give you peace of mind and confidence that you’ve done all you can to protect you and your business.

We Get it…Business Law and Proper Business Setup Seems Hard and We’re Here to Guide You to Success

Guide to Success
Gary DeWitt Attorney At Law

 Business Law Planning One Step at a Time

At DeWitt law we understand what’s it like to setup a business because we are a business..

We offer professional, knowledgeable business planning.

You’ll be surprised at how easy this can be. We guide you through the process with our unique, easy to follow, one step at a time system. We do the hard part.

For most of our work, we’ll give you the price up front for your peace of mind. From time to time we do hourly work, but that is the exception, not the norm

NaKita Hollingsworth
January 23, 2024.
Joshua Daniels is a very sharp lawyer. He has a strong voice when it comes down to it. He also listens closely and is kind. He has helped me completely and thoroughly through my entire case. He is the best lawyer straight across the board!
Zachary Smith
January 2, 2024.
I cannot recommend DeWitt Law highly enough. During a difficult time (a parent's sudden death), Gary was our anchor keeping us from drifting away and the lighthouse leading us through the intricacies of the probate process. He answered every weird question I had and was more patient than I deserved. Use DeWitt Law; you will not regret it.
John Edgmon
December 12, 2023.
Gary DeWitt Law Firm provided outstanding service for my estate. Very quick and concise. I highly recommend Gary for your estate lawyer. John Edgmon.
Tanaya Lucke
November 8, 2023.
I am so thankful I found this firm. They went above and beyond to help in my very stressful situation. They took the stress of the legal work away and I could breath. I wish I could give 10 starts. Highly recommend!
DeDe Cottingham
October 28, 2023.
The folks at DeWitt Law Firm are great. I would highly recommend them for your estate planning needs. They are friendly, thorough, and explain the entire process on a level you can understand. They provided excellent counsel for our next steps.
ivo kool
October 4, 2023.
Really Helpful and Skilled in setting up trust. Great to work with
Patty Marchbanks
September 9, 2023.
Gary and his wife were so friendly and knowledgeable with helping us with our Estate . They answered all our questions and gave us directions in things we hadn’t thought about. If you are thinking about getting your State planning done my husband and I highly recommend them !
Janet Brown
September 4, 2023.
Had a very good experience with Gary and Winnie. They were very speedy and detailed in getting several documents in order for me. I would highly recommend this law firm.
The Best Wills and Trusts Attorney

The Best Wills and Trusts Attorney

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The Best Elder Law

Business Law

Types of Business Entities: Which One is Right for You?

 Starting a business involves many decisions, one of which is choosing the right business entity. There are several types of business entities to choose from, each with its own legal and tax implications. In this article, we will explore the different types of business entities, their advantages and disadvantages, and help you determine which one is right for your business.

Sole Proprietorship

A sole proprietorship is the simplest form of business entity. It is a business owned and operated by one person who is personally liable for all the business’s debts and obligations. A sole proprietorship is not a separate legal entity, and the owner reports business income and losses on their personal tax return. This type of business entity is easy to set up, has low startup costs, and provides the owner with complete control over the business.

Partnership

A partnership is a business owned and operated by two or more people who share the profits and losses of the business. There are two types of partnerships: general partnership and limited partnership. In a general partnership, each partner is personally liable for the business’s debts and obligations. In a limited partnership, there are two types of partners: general partners and limited partners. General partners have unlimited liability, while limited partners have limited liability and are not involved in the day-to-day operations of the business.

Limited Liability Company (LLC)

A limited liability company (LLC) is a hybrid business entity that combines the flexibility of a partnership with the liability protection of a corporation. In an LLC, the owners are called members and are not personally liable for the business’s debts and obligations. LLCs are easy to set up and have fewer formalities than a corporation. They also offer tax flexibility, as the profits and losses can be passed through to the members’ personal tax returns.

Corporation

A corporation is a separate legal entity that is owned by shareholders. A corporation can issue stock to raise capital and is subject to more regulations and formalities than other types of business entities. There are two types of corporations: C corporations and S corporations. C corporations are taxed as separate entities, and the shareholders are taxed on dividends received. S corporations, on the other hand, are not taxed as separate entities, and the profits and losses are passed through to the shareholders’ personal tax returns.

Cooperative

A cooperative is a business owned and operated by its members, who share the profits and decision-making. The members of a cooperative can be individuals, businesses, or organizations. The purpose of a cooperative is to provide goods and services to its members at a lower cost than they would otherwise pay in the marketplace. Cooperatives can be structured as corporations or LLCs.

Nonprofit

A nonprofit is a business entity that is organized for a charitable, educational, or other public purpose. Nonprofits do not have shareholders, and any profits are reinvested in the organization. Nonprofits can be structured as corporations or LLCs.

Conclusion

Choosing the right business entity is an important decision that can have significant legal and tax implications. Sole proprietorships and partnerships are the simplest and least expensive to set up, but they also leave the owners personally liable for the business’s debts and obligations. LLCs and corporations offer more liability protection but require more formalities and can be more expensive to set up. Cooperatives and nonprofits are structured differently from traditional business entities and have their own unique advantages and disadvantages. Consulting with a lawyer or tax professional can help you determine which business entity is right for your business.

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Business Law Attorney Springdale, Fayetteville, Bentonville, Bella Vista, Rogers and all of Northwest Arkansas.