Start Up Businesses
There are many important things to consider when opening a business, and these considerations change depending on the type of industry in which you will engage. For example, the location in which a company is established can affect numerous aspects of business. County, state, and federal contracts often contain provisions requiring a company to hail from a particular location in order to obtain contracts.
Choice of entity is also a critical consideration. In some industries, "C" corporations may be the most appropriate choice. However, "C" corporations may result in adverse tax consequences due to double taxation of the corporation, as well as the individual investor. By comparison, an "S" corporation may resolve the problem of double taxation, while retaining minimal risk exposure to the investors. However, "S" corporations are heavily regulated by the IRS and a violation of the complex rules governing them could result in treatment as a "C" corporation. Another option is a "limited liability company" which accords some measure of limitations of liability while preserving favorable tax treatment. Many issues - not just the degree of risk in any given entities - must be taken into account when choosing an entity. We help clients ask and answer the right questions to determine what is right for them.
In most instances, a corporation, partnership, or other entity is designed to make its investors a profit. Sometimes, however, entities are established for charitable purposes. We provide the necessary guidance to establish and maintain organizations such as 501(c)(3) entities.
In this litigious society, another critical area of concern is asset protection. Structuring the company in anticipation of the possibility of litigation is an important concern in many industries. In the highly risky medical profession, for example, asset protection plays a critical role when establishing a company. We are familiar with ways of trying to protect assets when a company is first established, rather than later when litigation is ongoing and asset protection is much more difficult. In conjunction with this service, we can also advise individuals of ways of creating a plan for their personal assets that may protect them in event of a law suit.
These are just a few areas where important issues need to be considered prior to establishing a business. We can also assist in such areas as taxation, licensing, employee benefits, health care provider selection, contracting, and litigation.
It is vital to seek counsel to ensure that a start-up business is designed to achieve the objectives of ownership. We are dedicated to helping entrepreneurs reach their goals so we provide services that assist fledgling businesses to get off the ground by keeping expenses low. Feel free to contact us for a free initial consultation.