What Are The Legal Issues Involved In Forming A Business Entity?
The considerations, when forming a business entity, should start with exposure to liability. Whenever you are in business, you have legal exposure. The question is whether or not you can limit your own exposure and what the best way is to do that. If you start a business and you want to be the president but you don’t set anything up formally with the state, and someone sues the business, you are the business. If you have an incorporated LLC, that does not limit the exposure to personal liability. There are also tax consequences. I advise my clients to seek the advice of their accountants and the help of tax attorneys when it comes to tax issues.
How Will I Determine What Business Model Will Work In My Situation?
You should utilize discussions with your attorney to figure out how to best limit personal liability and how best to take advantage of your tax situation. Those may change over the course of the life of a business. Long term considerations have to be made versus short term because if the business either becomes successful quickly and is sold or fails, then we don’t have to worry.
When I have a consultation with someone, I try to get their questions out in the open. A lot of times, they have questions that lawyers don’t think of. Some ideas would cost them money, grief, time, and effort if they just did them in the beginning. Once those questions are in the open, I discuss the options with the client and give suggestions on how to set up a business with me.
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