If you want to start a business, you have many things to consider from the type of business you want to the best way to get financing. However, one of the most important decisions you can make is about your business structure.
While there are many different kits and programs available to allow you to form a business online, it’s always best to hire a lawyer to establish your business. A lawyer will not just help you set up your business’ legal status, they can also advise you on which status is best for your company.
Many people start out in business as a sole proprietor. However, many do not realize that unless they are using their own name for the business, they may need to register their business name. A lawyer can help a person set up their business so that they are following the rules of their state.
If you decide to take on a partner, you’ll need a partnership agreement that outlines the terms of the partnership. What percentage of the business is owned by each partner? What happens if one of the partner’s dies? What if one of the partners want to sell? A lawyer can help set the partnership up so that it fits the needs of those involved.
Should you set up a Corporation? If you do should it be a standard C-Corporation or an S-corporation? What’s the difference? A lawyer can explain the tax benefit of both types and determine which one is best for your business. They can also explain your legal responsibilities as the owner of a corporation.
What about an LLC? The rules of LLCs vary from state to state. A local lawyer can explain the benefits of forming an LLC. They can tell you about the advantages and disadvantages of this type of business structure.