Starting Your Own Small Business?
Avoid Any Costly Mistakes With the Help of a Redwood City Business Law Attorney
Creating a small business is a big deal. It is more than just pursuing a livelihood or developing financial independence. For many people, the formation of a small business represents personal freedom and the ability to achieve one’s dreams. This is why it is important to make the right choices for your business from the beginning. There are many big decisions that must be made during the infant stages of your enterprise. For example, you will have to choose between forming a partnership, limited liability company or corporation. This decision will affect your business in many ways, including the percentage of taxes you are expected to pay. A Redwood City business law attorney can help you determine the right structure for your small business.
At Winghart Law Group, Inc., attorney Drew Winghart has experience helping small business owners establish a solid foundation. He can help you identify the proper legal structure for your business. He can also help you create a legally sound business plan that gives you the best chance for long-term success. Our Redwood City business litigation lawyers make it their goal to provide you with sophisticated and efficient legal advice. Each small business is different, and we are prepared to provide you with specialized information that meets your needs. If you are starting a small business and need legal assistance, then we will help you throughout the entire process.
What Questions Should I Ask an Attorney Before Starting a Business?
Although starting a small business is hectic, you should always meet with an attorney before making any major decisions. There are several questions that you should ask a Redwood City business litigation lawyer. They include:
- How should I form my business? Before doing anything, you must choose the appropriate business structure. In order to limit your liability, you can structure your business as a corporation, limited liability company or limited liability partnership. An experienced small business lawyer can help you choose the right structure for your particular business.
- What can I do to minimize my risk as an employer? There are a number of federal and state employment laws that will apply to your business. If you fail to comply with these laws, then you could face stiff penalties and potentially wind up in court. Our attorneys will inform you of the employment laws that directly apply to your small business.
- Is there a way for me to protect my intellectual property? Not every small business has intellectual property that needs to be trademarked. A good small business attorney can help you identify any potential intellectual property. He or she can also advise you on how to protect it and help you register a trademark with the U.S. Patent and Trademark Office.
- What contracts should I be using? Depending upon your business, you may need contracts for standard transactions or for employment-related matters. Contracts protect you and your business from potential harm by clearly defining the rights and practices of each party involved. An attorney can help you draft or review each major contract that you sign as a business owner.
What Non-Tax Factors Should I Consider When Choosing a Structure For My Business?
Choosing the best structure for your business is a complex decision. You should consult with your lawyer and other advisors before finalizing any business plans. The non-tax factors you should consider when choosing a business structure include:
- Obtaining limited liability: In certain cases, a claimant can file a suit against your business and come after your personal finances. However, if a company with limited liability is sued, then the claimants can only sue the company. The owners and investors are exempt from the suit. Our Redwood City business litigation lawyers will help you choose a business structure that provides you with limited liability.
- Transfer of ownership interests: If you are starting a business with family members, then you should aim to restrict the transfer of ownership rights. You can create an arrangement where the remaining partners must approve of the transfer of ownership to a new or existing partner. Certain business structures make it easier to create guidelines surrounding the transfer of ownership interests. You should consult with an attorney before signing any binding agreements.
- Purchase of a departed owner’s investment: Most business structures allow the purchase of a departed owner’s investment. This helps the business continue without interruption during turbulent times. However, these agreements are often complex and expensive to execute. An experienced lawyer can help you analyze each particular business structure and draft the appropriate agreements.
Forming a Small Business? A Redwood City Business Law Attorney Can Help
While forming a small business is exciting, you must remain disciplined and make the right decisions. Certain mistakes can cost you dearly and place your business in severe jeopardy. By contacting a Redwood City business law attorney, you can avoid any potential pitfalls and enjoy the success of your business.
If you are starting a small business and have any questions, then contact us today at (650) 332-2994 and schedule an initial consultation. You can also contact us online and tell us more about your potential business. We promise to carefully review your information and look forward to learning more about your new business venture.