You’re starting a business. Congratulations! This is an exciting time and you may be feeling overwhelmed about next steps. Whether you are going to work with an attorney or looking to DIY, knowledge is power, and you should always try to educate yourself about as many aspects of your business as possible so that you can go toe-to-toe with your advisors and investors. This quick mini-series will give you a basic crash course on how to get your business entity up and running.
The correct legal entity for your business must be evaluated on a case-by-case basis, and largely depends on 4 main factors:
- People: How many are there?
- Liability: What are your liability concerns?
- Taxes: How do you want to pay taxes?
- Flexibility: How much flexibility do you need?
Here’s a breakdown of the most common business types.
Not sure what kind of business to form? A seasoned business attorney can help you select the ideal legal entity structure for your business. Your attorney will draft the required state documents for filing, satisfy any publication requirements, draft your internal Operating Agreement, Partnership Agreement, or Bylaws, help you file your tax paperwork, and ensure that you have everything in line to launch your operations. Some business attorneys offer flat fee arrangements and quick turnarounds for this service.
Andrea A. Tarshus, Esq. founded Tarshus Law Firm in 2015 to provide efficient, accessible, and fair General Counsel legal services to businesses and business owners. Tarshus Law Firm represents Western New York and Buffalo based businesses as well as large international and publicly traded corporations in industries such as: audio video ("AV"), products distribution, transportation and logistics, medical marijuana, marketing, social media, healthcare, and other sectors.
Andrea’s engagement with businesses regularly includes business formation, negotiating and executing favorable contracts, legal research and writing, project management, administering internal legal and operational controls, problem-solving, and strategizing. She enjoys working with business owners, C-suite executives, and company managers to create a comprehensive legal and business framework that supports operational efficiencies and strategies for growth.
This article is intended to be informational in nature, should not be relied upon by the reader without consultation with an attorney, and does not create an attorney-client relationship between the author and reader.