There are many pit falls to starting a small business. Anyone considering starting their own business needs to seek legal advice. First and foremost, one must decide the best type of legal entity for the business. Is it going to be a partnership, corporation, or none of the above? If the owner is considering a lease on commercial property, the contract needs to be read by a lawyer.
Business owners need to think about liability as part of their overall strategy. The business should be formed as a corporation or limited liability company to shield the owner from liability. Schedule a consultation with the Small Business Law Attorney in Cornelius, NC. Attorneys at the Lake Law Office, PLLC will explain the different entities. When a company plans to offer stock and have investors, it should be formed as a corporation. Potential investors like to see corporate stock certificates. On the other hand, it is simpler to form a business as a limited liability company, or LLC. The tax liability for an LLC passes on to the owners, while corporations are taxed twice. Corporation owners pay corporate taxes, as well as personal income taxes. Risk Management is crucial for a business, so have the Small Business Law Attorney at Lake Law Office in Cornelius, NC advise you on the type of insurance to buy. Most insurance companies offer umbrella polices for small businesses. The coverage should be directed towards the specific type of business.
Contracts are a necessary evil in a small business. A Small Business Law Attorney in Cornelius, NC, should read any contracts, before they are signed. Various contracts involve creditors, clients, leases, suppliers and much more. Often, the business owner needs contracts for their own purposes. The lawyer writes contracts in a way that is easy to understand. Experienced lawyers know that the averages person does not understand legalese. In addition, lawyers advise business clients about rules and regulations in their industry. For example, businesses have to follow laws about safety, overtime, and more. Starting a small business is more than hanging out a shingle. Contact an experienced attorney, before going into business.
