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Business Law

Friday, September 21, 2018

Selecting the Appropriate Business Entity (Sole Proprietorship, Corporation, Limited Liability Company, Etc.)

The number one inquiry my office gets from people looking to start a business is what type of business entity they should form.  There are a myriad of options ranging from corporations, limited liability companies, limited partnerships, sole proprietorship, etc.  There are numerous factors you should consider when selecting the type of entity to form.  The least important of these factors, however, should be the cost to form them.  The biggest mistake people make when starting a business is selecting an entity based solely on how much it cost to form them.  Doing so typically results in clients selecting the wrong type of entity which can have negative tax and legal implications.  The cost to resolve the issues surrounding the formation of the wrong entity will far exceed any money you had saved during the formation process.  Accordingly, my next few blog posts will discuss this very important step in starting your new business.


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Friday, September 21, 2018

Starting a New Small Business

When looking to start a new business it can be overwhelming as there are many things you need to consider.  I advise all entrepreneurs who call my office that before making any decisions related to their new business they should first consult with a lawyer and an accountant.  That is because decisions you make during the early stages of your new business will have legal and tax implications for years to come.  The small cost for the well heeded advice of these professionals will save you time and (more importantly) money in the long run.  Over the next few blog posts I will discuss some of the most common questions I get from people looking to start a new small business.

 


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