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The Different Types of Law Firms

We all need people who are well conversant with all the aspects of the law to stand in for us during different trials in courts. This job is never easy since a lawyer must be well conversant and well knowledgeable on matters that deal with the law. Proving the innocence of a person in a court of law is a great challenge to the lawyers since the lawyers have to gather enough evidence to prove the innocence of the accused. All these types of lawyers that stand for us in the court of law work in different law firms.

Law firms are types of businesses that are started by a single or numerous lawyers who engage in different law practices. The primary purpose of starting law firms is to represent or provide advice to their clients regarding their rights and responsibilities. The various law firms are grouped in accordance with the jurisdiction practiced by the law firm. Sole proprietorship, general partnership, professional corporations, Limited Liability Company and professional association, are the different categories of law firms.

A sole proprietorship is a type of law firm that is run and owned by an individual and there is no separation between the business entity and the person who has powers over it. The person who has powers over the business entity has all the powers over the elements and is accountable for any finances of the law firm. The individual who owns the business entity receives all the profits that are realized and also takes care of all the losses and debts that are owed by the business entity.
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General partnership is a law firm that is based on the joining of two or more people who start a business entity by agreeing on different terms and being responsible for actions that relate to the law. The owners of the business share all the finances and responsibilities equally. The profits and losses in this business entity are dived equally among the owners.
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A limited liability company is a type of business entity that puts together the taxation of the flow-through of a sole proprietorship or a partnership with the limited responsibility of any corporation. It is a company that renders limited responsibility to the partners in different areas.

Limited liability partnership is a type of business partnership that gives powers to the different partners to have restricted liabilities, therefore, possessing some features of corporations or partnerships. In this type of business partnership, every owner is responsible for their ignorance and may have different shares in the business.

Law firms are categorized according to the number of people who own the firm. When customers are interested in opening any law firm; they ought to make sure that they are well familiar with the different types of law firms and what they deal with.