What to Know When Hiring a Business Formation Lawyer
Starting a business can be stressful. A reputable business formation lawyer can take some of the weight off your shoulders by advising you on the best course of action for your new enterprise.
Hiring an Incorporation and Business Formation Attorney
Although owning your own company may have been a life-long dream, many variables are involved, and a business formation attorney knows all of them. The process begins with determining which type of legal entity will serve your individual needs.
When advising you on the different structures, a law firm’s primary factors are personal liability and taxes. Some legal entities provide owners with debt liability protections, and others offer better tax advantages.
Since most people have little knowledge about the legal side of the business, a wise business person will consult a Georgia lawyer for an assessment and advice. For professional advice from experienced formation attorneys with excellent reviews, contact the Chouhan Law Firm.
Hiring the Best Business Formation Lawyer
You want the best business formation attorney for professional advice and management when starting a new company. The right firm will offer counseling on potential liability and tax consequences of various legal entities. They can also file the necessary documents on your behalf.
To limit your liability exposure, retain a law office with a reputation for exceptional business formation services.
Responsibilities of a Business Formation Attorney
Business formation attorneys acting on behalf of business owners can draft and file the required legal paperwork with Georgia’s Secretary of State.
Under Title 14 of the Official Georgia Code Annotated, owners who fail to correctly register corporations and limited partnerships will be unable to take advantage of those business structures’ perks. Correctly establishing the company will ensure the owner will enjoy the advantages offered by that specific type of structure.
Business Formation Lawyers
For advice regarding business entity formation, contact business formation lawyers with extensive experience in the following:
- Business formation issues with startups
- Dispute resolution
- Operating agreements
- Transfer ownership
- Partnership agreements
- Shareholder agreements
By offering a broad spectrum of business acumen, a law office provides business entities with an excellent attorney-client relationship that encompasses all aspects necessary for successful ownership.
Hiring Legal Help With Business Formation
When forming a company, hiring legal help with business formation experience is an integral step. Depending on the number of people involved, and their personal preferences, there are many types of structures to choose from.
According to Georgia law, individuals are allowed to form different kinds of legal entities that include the following:
- Close Corporations
- Professional Corporations
- C Corporations
- S Corporations
- General Partnership (G.P.)
- Limited Partnership (L.P.)
- Limited Liability Partnerships (L.L.L.P.)
- Limited Liability Company (L.L.C.)
- Sole Proprietorships
Experienced attorneys with knowledge of business laws can explain the pros and cons of forming each type of entity before owners decide how to organize their company.
Business Formation Checklist
There are several important steps to take when forming a business, and a business lawyer can advise you on the best way to proceed.
The following is a general checklist of what needs to be done when starting a business:
Choose a business name and register it with the state
Obtain licenses and permits
Draft a partnership agreement (if applicable)
Open a business bank account
Create a business plan
This is not an exhaustive list, but it covers some basics that a business owner should know. A business lawyer can help with all of these steps and more.
How to Get the Best Business Formation Attorney
To get the best business formation lawyers, business clients should research each thoroughly. They should read reviews and testimonials from prior clients for validation purposes.
It’s essential to retain the services of a firm known for directly communicating with entrepreneurs and other business owners in a straightforward and easy-to-understand manner. This eliminates confusion during consultation and decision-making.
Business Formation Law Firm
There are many specific aspects that a business formation law firm can define for you while you envision your business goals and preferred managerial style.
Although a sole proprietorship and general partnership are pass-through taxation entities, which makes them favorable business structures for tax purposes, they allow the most liability exposure. This means that the owners are responsible for all debts and liabilities.
Additionally, certain outdated laws regarding general partnerships may result in all partners being legally liable, even when only one owner was responsible. However, a layer of insulation in limited partnerships protects partners from being held accountable for the business debts and liabilities.
Although LLCs and S corporations also pass through the taxes to the owners, C corporations are often subjected to double taxation. The business is taxed on the profits, and owners are taxed on the profits they receive.
C Corporation tax rates are typically less than tax rates for individuals. Plus, profits that are reinvested might be deductible. Your business lawyer can provide additional information.
Business Incorporation Lawyers
Business incorporation lawyers advise clients about which business structure suits their situation. Generally, a C Corporation, S Corporation, and an LLC are preferred. They provide the most liability protection for owners and ensure the least personal liability for the business’s debts.
Choose attorneys to protect your personal assets by assisting in creating limited liability companies. They can explain the legal distinction and tax benefits of family-limited partnerships and help with other business formation matters.
Online Business Formation Attorney
People starting internet-based companies often assume that traditional brick-and-mortar company rules don’t apply to them. An online business formation attorney will quickly disabuse them of that notion.
Although the business may not require as many licenses, there are still many legally technical aspects to consider.
Do any regulations apply only to online businesses?
Do you need a sales tax license?
Do you need any permits or inspections?
What kind of business licenses do you need?
What legal structure is the ideal choice for your business?
To discuss the details and potential ramifications of starting each of the different business structures, reach out to a reputable Georgia law firm for more information.
Hiring a Small Business Formation Attorney
A small business formation attorney can help you avoid the pitfalls of starting a new business. They can advise you on the kind of legal entity to form, explain the benefits and detriments of each, and submit the necessary legal documents on your behalf.
Choose a law firm known for good communication, extensive legal experience, and a flexible fee structure to begin a solid attorney-client relationship when discussing business formation services. If you are considering starting your own business, call now.