Some business law firms focus narrowly on a so-called "niche" area of law applicable to a select clientele.
Conversely, David, Brody & Dondershine, LLP, provides a broader-based representation for diverse business actors across the Washington, D.C. metro area, Northern Virginia, Maryland and additional locales.
As we duly note on a relevant page of our firm's website, one tangent of the impassioned, empathetic and proven advocacy we bring to bear on behalf of highly varied business principals and entities relates to business formation, most specifically the type of entity that make most sense for owners and entrepreneurs.
In one case, that might be a corporation. In another, interrelated factors might point to, say, formation of a partnership or limited liability company as a preferred business vehicle.
A recent uptick in LLC-focused stories emphasizes the growing push of the Trump administration to push that type of business entity more to the forefront.
And the stated recipe for that, as embodied in a recent proposal being floated on Capitol Hill, is this: a deep tax cut on income realized by limited liability companies that -- it is hoped -- will induce further participation in American business by LLCs, attendant with increased hires and, ultimately, more -- not less -- money flowing into state treasuries and the federal government.
A recent Bloomberg business article underscores that desired expectation, noting the Trump administration's stated intent to drop the current maximum tax rate of 39.6% imposed on LLC principals assessed with "pass through" income (unlike corporations, LLCs are not taxed in addition to and separately from their owners on income realized) down to a mere 15%.
That is huge, of course, and would obviously have a discernible effect on American business.
Whether that is salutary or not -- and whether it will actually bring in more tax monies or result in a shortfall -- is presently uncertain, although heavily debated.
We will keep readers timely informed of the proposal's fate as it now seeks further support in Congress.