Business Formations & Contracts
Starting or expanding a business can be an exciting time, but it can also be extremely stressful as well. Many people invest their life’s savings to pursue their dreams of starting a business. Many people also seek out financing through banks, and even through friends and family. And, of course, these funds need to be paid back. So doing things right from the start can literally be the difference between success and failure.
And this is why it is extremely wise to get the best help you can, when you most need it – in the beginning.
Recently a client came to me and asked, should I incorporate, remain a sole proprietor, or form an LLC. Then she asked if incorporation is right for her, and in what state should she incorporate her business? These may seem like simple questions, but in fact, they require careful consideration by business owners, taking into account ALL the specific facts of your particular situation. After forming your entity, the next question is what contracts are best for your needs.
These and other questions can be answered when working with a lawyer who understands the BUSINESS of correct and proper business formation. There can be consequences for not choosing the right business entity for your business. The stakes are just too high to go it alone – but you don’t have to!
Different Types of Business Formations Your Lawyer Can Handle
- Incorporation (INC): S Corporation and C Corporation creation and filing.
- Limited Liability Company (LLC): Sole Proprietorship and Partnership creation and filing.
- Doing Business As (DBA): For businesses and sole proprietorships that want to use a different name for the business.
- Nonprofit: 501 (c)(3) application and filing for tax-exempt status.
- Limited Partnership (LP): For one or more limited partners who invests in the partnership but don’t manage the day-to-day operations of the business.
- Limited Liability Partnership (LLP): This formation is for partners who want to manage the business and have limited personal liability for business debts.
Until next time, I’m Attorney Francine Ward helping you protect what’s yours. Join my conversation on Facebook, Twitter, or in one of my LinkedIn groups, Google+ Circles.