Starting a new business venture is exciting but it requires a lot of planning.
You need experienced legal counsel to insure that the business is set up properly.
At Lovelace Law, P.C., we provide expert legal counsel to new business owners. We understand that there are many legal, financial, and contractual issues related to starting a business. Our legal professionals know how to answer your questions and understand the issues and complications you may face during the formation process. There are 3 critical steps we can help you take to properly establish your business:
The Right Business Entity for Your Needs
When starting a business, one of the first things you need to do is choose your business entity, or the way your business is structured. This choice determines (among other things) the tax structure of your business, your ability to get a small business loan, and your risk exposure in the event of a lawsuit. There are many different types of business entities to choose from, but the most common small business entities are:
- Sole proprietorship
- General partnership
- Limited partnership (LP)
- Limited liability company (LLC)
Choosing the entity for your business determines long-lasting financial and legal implications; hiring an attorney can be a smart investment to make sure you understand the nuances of each type.
Legal Issues Related to Employees
Employment laws regulate the employer/employee relationship to make sure all parties are treated fairly and with respect. As with every legal matter, there are many details involved with these laws. Policies such as workplace privacy, fair wage, workplace safety, and family leave are important factors to consider when forming your business and hiring your first employees. An attorney can offer financially beneficial advice and keep your operations on the right side of the law. Avoid potential employee lawsuits down the road by working with an attorney to establish clear employment practices that protect your business.
Protection From Personal Liability
Before starting your business, you’ll want to consider all the potential liability risks involved. Taking precautions to protect yourself from personal liability can be as simple as choosing a specific business entity. For instance, with an LLC entity, only the LLC is liable for the debts and liabilities incurred by the business — not the business owners.
However, an LLC isn’t always the best form of protection, and its level of protection will sometimes depend on the state you reside in. Other risks with an LLC include:
- Personal liability for actions by employees related to the business
- Personal liability for your own actions related to the business
- The LLC’s liability for other members’ personal debts
Legal protection is essential to growing your business. Determining what protection is best can be tricky, but picking the right law firm to help can make all the difference. You need the kind of law firm that will take the time to listen to your needs and offer practical, straightforward counsel.
Business transactions. Business law. Business advocates.
At Lovelace Law, P.C., we have a reputation of being the kind of law firm that helps put small business owners on the path to success. Even if you do not become a client, we will be happy to answer your questions. Allow us to help you better understand the business formation process, with no charge during the initial consultation. Call us at 817-953-9656 for more information.