Richard Wilson Chambers & CO - Legal Services

Securing wealth for individual clients

Services for individuals include estate planning, asset protection planning, premarital and post marital agreements, employment and executive compensation agreements, probate and estate administration, and formation of foreign trusts.

Efficient planning for business enterprises

For businesses, we offer business formation planning and entity selection, tax-efficient structures for business acquisitions and dispositions, business succession planning, securities compliance for private equity transactions (including preparation of private placement memoranda and SEC filings), design of stock options and other forms of equity compensation, cross-border and other foreign tax planning, and representation of businesses and their owners

High Success Rate

The reason for our high success rate is that we will not take on a case, unless we believe we can help our client. Our reputation for success and fair dealing is far too important to us to ruin by charging fees for impossible cases that have no chance. In complex cases, we explain the challenges in the case so that our client understands the issues and risks before we start the case. In the area of Business Law we incorporate corporations, form partnerships, and negotiate and prepare contracts for international and domestic business. After representing thousands of clients from all over the world, we understand that the characteristics and qualities that people want in a lawyer are caring, knowledge, experience, and determination.

Sole Proprietorship

Sole Proprietorship A sole proprietorship is set up to allow an individual to own and operate a business by him/herself. A sole proprietor has total control, receives all profits from and is responsible for taxes and liabilities of the business. If a sole proprietorship is formed with a name other than the individual's name (example: Kallas Gyros), a Fictitious Business Name Statement must be filed with the county where the principal place of business is located. No formation documents are required to be filed with the Secretary of State. Other state filings may be required depending on the type of business.
  • The cost to start a sole proprietorship is inexpensive.
  • A separate bank account should be established to run the operations.
  • The owner of the sole proprietorship controls all facets of the business.
The business and the owner are one. There is no separate legal entity and thus no separate legal person The sole proprietor is personally liable for all debts and actions of the company. The life of the business continues to exist as long as the business owner is alive. Once the owner dies, the sole proprietorship no longer exits. Purchasing insurance to cover the risks of running your business is advisable. Consider consulting an insurance specialist on the matter. The return due date is normally April 15th for calendar year taxpayers. The tax rate depends on the proprietor’s total taxable income.

The Reality of Limited Liability

Modern commerce often results in a different situation. Banks will not lend the corporation money, unless it receives guarantees from the shareholders/directors in small corporations. A landlord will not lease space to a small corporation, unless the rental and other obligations under the lease are guaranteed by the shareholders/ directors. Most suppliers will not sell merchandise to the corporation, unless guarantees are provided by the shareholders/directors. There is still limited liability for instances where people dealing with the corporation have not requested guarantees and in many cases liability is limited for torts. So if someone gets hurt from a corporate product the directors and shareholders could be protected from personal liability, provided they had no knowledge that the product was dangerous and they directed the corporation to have adequate product insurance liability.