Starting your own business is an enormous yet exciting undertaking. Finally, you’ll be able to lose the shackles of the corporate office and do business in a way that suits you. It’s a good feeling, and that’s why Yahoo reports that an astounding 543,000 new businesses crop up every month.
There are, of course, some vital legal task to take care of before you can join these entrepreneurs. Namely, every new company must register under the correct business structure in keeping with local laws.
Choosing the correct form of business organization impacts everything from how you pay taxes to your liability, so getting this right is crucial. It’s fundamental that you select the right form for your needs from options like:
Owned by one person with complete responsibility.
Owned by two people who decide responsibility between them.
Limited Liability Company (LLC)
A hybrid business structure that provides limited liability features and tax efficiency.
Corporation (For Profit and Non-Profit)
Independent business entity with limited liability features and tax efficiencies, but a more complex set of formalities and governance.
Hiring A Business Lawyer Makes Starting A Business More Simple
Forming your business typically involves multiple applications and legal processes, including registering your business name and creating a business bank account. For an already stretched business owner, this can be overwhelming, especially given how difficult it is to navigate business entity laws. That’s why many startup owners opt instead to seek the help of a business formation lawyer. From your first meeting with a lawyer, they’ll be able to take care of formation legality and beyond, including:
There are many forms involved in business structure, including paperwork that registers your business in your state and gains you proper trading permits, etc. Failure to fill forms or filling them incorrectly can land you on the wrong side of the law. An attorney will take care of these things for you, making sure that all paperwork is complete, accurate and available when necessary.
Personalized legal documents
When doing things alone, many business owners reach for blanket legal documents online, but these rarely meet requirements and may expose owners to more liability. Each business is different, after all, and will likely have different legal needs as a result. The combinations of necessary paperwork are endless, consequently, it’s vital to resource a lawyer to make sure special required documents are included at this formation stage.
Knowledge of state laws
State laws can be complex, but a local attorney will know precisely what your business can and can’t do. For example, LLCs aren’t permitted in every state, and paperwork requirements can also vary. An attorney will know this straight away and will direct you accordingly.
Taxation is one of the most important reasons for proper formation. This ensures you’re paying the right taxes at all times, and an attorney can help you here. By directing you on what taxes you have to pay and how to file them, they’ll make sure you are within compliance.
Ongoing legal support
Even once your formation is in place, an attorney can offer you ongoing support, including representation and knowledge of your liability. This is vital for any business owner, and it could see your startup being one of the 10% that succeed.
For peace of mind, consider hiring an experienced attorney like Brian J Bean to help start your business, Corporation, LLC or partnership. Call (208) 664-1574 or Toll Free: (800) 829-5291 or submit a contact form to request a free consultation.
About Brian J. Bean
Brian is a business, real estate and corporate attorney. His previous legal experience includes being corporate counsel for an Avista Utilities subsidiary, Ecova Inc. He has extensive experience guiding both large and small companies through strategic business and legal decisions, corporate formalities, negotiations and disputes. He is similarly proficient in real estate law, including, but not limited to commercial/residential purchase and sales, title actions, foreclosures, easements and boundary disputes. Brian prides himself in partnering with his clients to help them achieve their goals and objectives. This means better attorney communication, being cost conscious, thinking outside the traditional attorney-client box and investing in his clients for long-term relationship.
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