Launching a new business? Small business lawyers have the training and expertise
necessary to help you establish your new business.
Small business lawyers have the training and expertise necessary to help you establish your new business. A business formation attorney provides an array of expertise, often starting with the proper business entity and the proper state to file given your business plan and goals. From there, an attorney can strategize with you to make sure your company is running effectively - and lawfully - from day one. Hiring a small business lawyer for starting a business can help the launch of your new product or service go more smoothly. A business formation attorney can provide expert advice and input to help you decide the appropriate type of business for you to create.
Business owners are exposed to different legal and financial liabilities depending on whether they operate as a C-Corporation, S-Corporation, Limited Liability Company (“LLC”), Benefit Corporation (“B-Corp”), or Partnership. A business formation lawyer can help you decide the business forms allowed in your jurisdiction, and then draft and file the necessary paperwork to legally establish your new company.
The go-to for those looking for something easy to run, but yet provides personal liability protection. An LLC itself does not pay taxes as profits and losses are passed through to its owners who report them on their personal filings.
A business entity which allows for an unlimited number of individuals or companies to own a portion of the company by distributing shares of stock. This is the type of business entity to use if you plan on raising funds from investors.
Filing paperwork with the appropriate state agency is the first step in the process, but there are a series of formalities that a newly formed company must take such as drafting and enacting bylaws, operating agreements, issuing stock and filing for an EIN number.
A unique business type which can be a corporation, limited partnership or LLC that has made a special “S” election with the IRS. Taxes also pass-through in an S-Corp, and ownership can be easily transferred through the sale of stock.
Think of an LLC operating agreement for a limited liability company as a prenuptial agreement for your business. It provides owners a detailed framework for various business and functional issues that may arise.
Corporations, limited liability companies, partnerships, and sole proprietorships all have different legal and financial characteristics. For example, running a sole proprietorship typically does not require any paperwork, but they do not provide any liability protection. Corporations have the unique ability to raise capital through equity financing, but they often have to pay more in taxes than LLCs, partnerships, or sole proprietorships. There are many considerations when starting a small business, the small business attorneys on LawTrades can help you make these decisions more confidently.
Do I really need to hire an attorney to form my business?
Most likely, yes. While it’s possible to go at it alone, business formation can be a complicated process. Each jurisdiction has its own rules and regulations regarding starting a new business, specific to the type of organization an entrepreneur wishes to form. Our lawyers can explain the important differences between these business structures and guide you through the legal process of business formation. Furthermore, forming a business is only the first step. Afterwards, a business owner has to think about things such as intellectual property, contracts and employment law so having an attorney from the very beginning saves time and money in the long run.
Does it matter where I form my business?
Yes, absolutely. The state in which you decide to incorporate in is one of the first major decisions that a new business faces. Each state has unique laws and rules to govern the companies who do business within their boundaries. States often incentivize entrepreneurs to incorporate a company in their states by offering things like low filing fees, the ability to form a business anonymously, or reducing the number of formalities (rules) for businesses to adhere to. It’s important to speak with an experienced small business lawyer about which state makes the most sense to form in.
Can a small business lawyer help my business grow?
Yes, an attorney can help you with many of the important steps you will need to take to expand your business. Lawyers can help your business raise funds and negotiate with investors. They can also draft important agreements and business documents that you can use as you take on more clients and hire more employees. Also, by consulting with a small business lawyer early on you can avoid the potential pitfalls that may cause you to end up in court.
I was very comfortable with the environment it was my first meeting and I knew it was on the right track I did understand my lawyer I was listening I did absorb the information given to me. COMUNICATION ON POINT.