If you have made the decision to go into business, you may be searching for an attorney who practices Business Law in Northport. There are so many issues to think about when starting a new business. Your to-do list probably includes finding the right location, hiring competent employees and how to best promote your business. These tasks can be challenging to even the most organized and motivated businessperson.
You may feel under pressure to make the best decisions, and that can be frustrating. Starting a business is an exciting, but stressful time. You have a unique idea and are extremely excited and eager to start making things happen, but you may be hampered by rules, laws and financial concerns that you feel inadequate to understand. There is help for you if you need help with Business Law in Northport.
Amongst your chief concerns about opening a new business may be what type of business entity to choose. Business entity refers to how you set up your business legally and should be at the top of your to-do list. Business entities are formed to protect yourself as a businessperson, and the guidelines are based on commercial law.
There are risks involved in going into business, but those risks can be minimized by choosing the appropriate business entity. Attorneys who practice business law, such as Lewis, Smith, Winter and Ford of Tuscaloosa, AL, are uniquely qualified to assist you in your quest to choose a business entity. Your initial decision is an important one, so competent legal advise is vital.
There are four basic types of business entities: sole proprietorship, partnership, corporation (Inc.) and limited liability company (LLC).
The basic entities are listed below with a brief explanation of each.
Sole Proprietorship: Easiest to set up; single owner; no protection for owner, no paperwork needs to be filed.
Partnership: More than one owner, no asset protection, relatively simple to set up.
Corporation: Provides protection for the owner by separating the coporation into a distinct entity.
LLC: A mix of corporation, to provide some protection, and partnership.
Each of these entities has its own particular rules and regulations as well as pros and cons. This choice should be made with proper legal input. There are serious legal and tax related concerns attached to each entity, and the success of your future business depends upon your making the best choice from the very beginning.