At the onset of any building project, it’s critical to lay the right foundation. This principle cuts across just about any activity you may be a part of, including beginning an educational course, hobby or sport, starting a relationship, or establishing a new business. In this blog post, we’re going to focus on the latter topic, starting a business, and discuss some of the intricacies you need to be aware of right from the beginning. Hopefully, this post will help you lay the right foundation for your business start-up.
Know Your Options
Before starting out on anything, it is important to choose the options that work best for you. Which types of business structures would favor the kind of activities you want to engage in? Here are the common ones you might consider:
There are four main types of corporate structures that businesses can organize themselves as: a General Corporation, an S-Corporation, a C-Corporation, or a Limited Liability Company (LLC). The structure that a business chooses to construct itself as determines how the company is financially taxed from any profits that it earns, making it very important to carefully choose the right type. A large amount of time and research is required in order to choose the right type of structure to follow. The General Corporation is the most common corporate structure that businesses follow, but, like all others, it also has its own advantages and disadvantages. Read more at WiseGeek…
Consider the pros and cons of each option and then make your decision. You could get professional legal advice in this process. But we’ll look into that a little later in the post.
Since you are setting up something completely new, you need to be on top of things. Every transaction and decision will matter in the future. That’s why you need to keep tabs on every activity as you go along. This will also ease the process should you need an attorney to intervene in your business.
Take your time. Keep notes. Organize your paperwork. This is crucial as a start-up in order to monitor the company’s development and planning for scalability. Keeping updated spreadsheets, preparing templates, and organizing your paperwork is absolutely crucial. It saves up your time of having to find old documents, and makes it much easier to track progress. Read more at Lifehack…
You’ll definitely need an efficient record-keeping system. It doesn’t have to be complex – you can choose one that you can easily understand and work with.
Know When You Need a Business Attorney
Do you need an attorney during the initial stages of setting up your business? Will that be an unnecessary expenditure? Or will the failure to involve one cost you in the future?
A sole proprietorship is the simplest business form. It doesn’t require that you register your business with your state, so no, you probably don’t need an attorney to start this type of business…
Partnerships and LLCs must register with the state. Documents must be prepared, such as a partnership agreement or an LLC operating agreement. You might be able to register online with your state or use an online service to register your business, but it might be a good idea to use an attorney if your business is at all complicated. Read more at The Balance…
You’re more likely to start your new business on the right footing by following the tips offered here. For the professional legal needs of your business start-up, it’s vital that you hire the services of an experienced business law attorney.
Jonathan Meek at Meek Law Firm has the know-how to fully represent your interests. Contact him at Meek Law Firm today to discuss your business law needs. Call (704) 848-6335 or use the contact form on the website to schedule a consultation appointment. We look forward to hearing from you.