Dale & Eke is taking the COVID-19 outbreak very seriously.  So, for the purpose of maintaining social distancing under CDC guidelines and to promote the health and safety of our clients, visitors and staff and reduce the spread of COVID-19, our physical office will be closed until further notice.

For the time being we are limiting all in-office meetings to those clients and potential clients who are not feeling ill or who have not shown signs of illness.  However, we are recommending that, unless you make other arrangements with your attorney, all client and potential client meetings occur via telephone or video conferencing.  If you have any paperwork for us that you need to drop off, please use the mail slot outside of the front door to our office.

We can still be reached at our office telephone number (317-844-7400). Your call will be answered by our office phone system and you may leave a voicemail in the general mailbox or with a specific attorney. All voicemails left in the general mailbox will be routed to the requested attorney or staff.

You may also email the firm through its website at  www.daleeke.com.

We will continue to monitor this evolving situation and adjust procedures as necessary.  Your health and safety, and the health and safety of our attorneys and staff, is our highest priority.  We thank you for your patience and understanding during these uncertain and unprecedented times.

Dale & Eke - Business Attorney
A Professional Corporation of Attorneys at Law

5 types of business structure

The type of business structure defines many things about a company in Indiana. The IRS lists five main business forms: sole proprietorship, partnership, corporation, S corporation and limited liability company.

One of the major factors determined by these structures is how the entity will pay taxes, and how much it will pay, but there are other significant differences, too. The U.S. Small Business Administration explains that these include paperwork, capital and liability, among others.

1. Sole Proprietorship

A person who does business without registering as another kind of business is automatically the owner of a sole proprietorship. Capital may be raised through bank loans, personal loans or lines of credit, but the sole proprietorship cannot sell stock. The owner is personally liable for any of the company’s debts or obligations because basically, the owner is the business. The owner pays personal income tax on the profits from the business.

2. Partnership

The IRS also requires owners of partnerships to file personal income tax forms for their business profits. Partnerships typically involve a formal written agreement between all the parties who will co-own the business. They may have varying amounts of liability and control depending on the terms of the agreement and whether the entity is a limited liability partnership or a limited partnership. 

3. Corporation

Corporations are entities separate from their owners. Starting a corporation is much more complex, with startup costs and paperwork far exceeding other business types. Corporations can raise capital by selling stock. Owners are taxed separately from the business, and they have little to no personal liability.

4. S corporation

Owners pay taxes on their share of S corporations, too, but the corporation itself does not pay taxes. However, the startup process of S corporations is still complex and costly, and they have some limitations regarding shareholders.

5. LLC

Owners of LLCs pay self-employment tax, but the company does not pay taxes. The owners’ personal liability is protected through this business structure, and it is much less complex to start than a corporation.