Now that you’ve earned your law degree, it’s time to make one of the most important decisions of your career: Should you go solo and build a new practice from the ground up, partner with a fellow attorney, or secure a position as one of several attorneys at a larger practice?
Option 1: Sole Proprietorship
It doesn’t get much simpler than the sole proprietorship, an entity owned by one person. This is an ideal choice for lawyers who want to retain total control over their practice rather than rely on shared decision-making. The sole proprietorship is a favorite among attorneys who take non-traditional approaches to practicing real estate law.
Option 2: Partnership
Partnerships consist of two or more lawyers, and all are jointly liable for any debts incurred by their entity. One advantage of the partnership over corporations is that it requires less of an investment up front. However, a partnership is not immortal; if one partner dies, the entity is dissolved. If you opt for a partnership, a Limited Liability Partnership is recommended because it affords some protection of the partners’ personal assets.
Option 3: S Corporation
An alternative to the traditional C Corporation, the S Corporation allows lawyers to bypass the thorny tax treatment that comes with Personal Service Corporations. As with a general corporation, an S Corporation allows for the transfer of ownership, protection of assets, and longevity not tied to the lives of its owners. Under this arrangement, individual owners will receive a more manageable flow-through tax treatment.
Option 4: Limited Liability Company
An LLC is something of a hybrid between a partnership and a corporation. An Operating Agreement defines the requirements expected of each owner. While each owner, referred to as a member, does not haven personal liability, he or she is held responsible for any act of negligence or misconduct. An LLC may have only a single member, in which case it can be considered either as a corporation or as an altogether separate entity, independent of this member.
Ann spent over 25 years in the financial service industry, gaining knowledge and experience that allows her to provide an array of tax, bookkeeping, and accounting services for her clients. Relying on a stringent code of ethics and a dedication to maintaining the highest industry standards, Ann works hard to ensure her clients receive the quality service they’ve come to expect. A member of AICPA and MSCPA, Ann has also had an article featured in the renowned publication, Banker and Tradesman. 
