Elon Law a hub of learning for entrepreneurs

“Without a doubt, this is one of the most important decisions all business owners are going to make,” said attorney John Flynn, distinguished practitioner in residence and director of the Small Business & Entrepreneurship Clinic at Elon Law and a director at Carruthers & Roth, PA.

Flynn began the event by discussing the importance of making sure entrepreneurs choose the right type of entity when starting a business. He explained that the choice of entity has a wide range of impacts, from complying with state law, to personal liabilities as the owner for debts and obligations, to the taxation of business income. He explained the first two out of four entities: sole proprietorship and partnership.

Greg Chabon, partner at Womble Carlyle Sandridge & Rice, LLP in Greensboro, North Carolina explained that, “corporations are the earliest forms of business” and “corporations make a legal person under the law.” He shared the differences between a C corporation and an S corporation, the process for filing paperwork with the Secretary of State, and becoming a corporate business in a different state.

Gonzalo Ventura, Elon Law Class of 2016 and member of the Small Business & Entrepreneurship Clinic, wrapped up the event by explaining what a Limited Liability Company (LLC) is compared to other types of entities. He gave prices for what it would cost for someone to start an LLC and the information that people should already know when they make the decision.

Entrepreneurs, startups and small businesses with questions should email Elon Law’s Small Business & Entrepreneurship Clinic at businessclinic@elon.edu.

The next event in the series will be “Tax Implications and Approaches for your Small Business Structure” with speakers Keith Wood, director at Carruthers & Roth PA, Elon Law Associate Dean for Academic Affairs Andy Haile and Elon Law student Joshua Barefoot. It will be held on Thursday, Oct. 1 at 5:30 p.m. in Room 206 at Elon Law.

More information about Elon Law’s Entrepreneurship Lecture Series is available here.

Information about the Small Business & Entrepreneurship Clinic at Elon Law is available here.

Elon Law’s business law programs also include:

• Business Fellows Program
• One of the few U.S. law schools that is home to a working court, the North Carolina Business Court
• Small Business & Entrepreneurship Clinic partnerships with Collab and the Nussbaum Center for Entrepreneurship
• The online Elon Business Law Journal
• In-House Counsel Externship Program and future business law Residencies-in-Practice.

 

Reporting for this article contributed by Elon Law student Leah Britt.