When you are planning a new business one of the most important aspects is to ensure that your business is legally formed. Getting sound legal counsel is essential to making sure that your business will be protected. You must consider not only your current business needs, but also the potential requirements as your business grows and expands. The first step of business formation is to choose the type of structure to use. There are several types of business structures to choose from:
- Sole Proprietorships
- Limited Liability Companies (LLCs)
An experienced attorney will work with you to explain the advantages and disadvantages of each type of structure. When considering the best structure for your business think of the number of people who will own or manage the business, the degree of risk for business owners, and the tax consequences for the business. Your attorney will help advise you of the best choice for your specific situation.
There are many details that must be handled when forming a business. Care must be taken to ensure that your rights are legally protected when creating your business. An attorney will take care of issues that are essential to getting your new business off the ground, including such tasks as:
- Preparing articles of incorporation
- Operating agreements
- Partnership agreements
- Shareholder agreements
- Registration of the business
- Structure of ownership
- Issue stock
A knowledgeable attorney will take care of all aspects of getting your new business started in a way that protects your interests each step of the way. You can rely on your attorney to make all the arrangements necessary to start your new business.