Starting a business can be wonderfully exhilarating. It can also be stressful and confusing. There’s no doubt that you’ve done your research for your potential customer base and product line. Now you must ensure that the legal aspects of starting your business are taken care of. That’s where experienced business lawyers can help. They will ensure your new business venture is structured to provide you and your business partners with the maximum amount of legal protection.
What Type of Business Structure is Best?
There are four main types of business structures which you may choose for your business: a sole proprietorship, a general partnership, a limited liability company, or a corporation. Each structure offers benefits and drawbacks for you, the owner. While the sole proprietorship offers ease and simplicity it also provides almost no protection from liability for the owner. On the furthest side of the spectrum, a corporation offers maximum protection from liability, but is far more complex to establish and maintain. Business lawyers specialize in the formation of new enterprises and will be able to provide expertise and advice for your business endeavors.
Protect Your Interests
If you decide to form any business more complex than a sole proprietorship, you must protect your interests during the formation of the business. All businesses require investments of considerable amounts of time and money. Much like a marriage, a business, especially those that operate as a partnership of any type, is a joining together of two or more individuals from different walks of life. While you never anticipate a problem with your business partner, it happens far too often. Business lawyers will ensure that your investment is protected in the event that the relationship with your business partners takes a turn for the worse.
Fulfill Your Legal Business Requirements
Not all businesses require paperwork to be filed with state and local agencies. But if the business form you choose requires state filings, failure to submit necessary documents within the allotted time period may mean that your business may be administratively dissolved. Business lawyers will prevent this possibility.
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