This is a great question to ask yourself and your partner or partners. Having the right legal aid when starting a company is critical to success. A startup lawyer will protect both you and your company. There are so many questions involved to be asking yourself on this subject.
First of all, which type of company do you want and how do you incorporate the business. Additionally what type of corporation do you want? And where do you want to incorporate the business? In the United States including the state or out of the country may be a question that needs to be answered. Legal help for startups is the best place to start looking and asking those difficult questions. It may cost a few bucks and pay out in huge returns, disbursements and dividends later on down the road. Who knows it could be faster than down the road, we have all heard of people that turn around a business sale fast and pocketed a bundle for themselves. The appropriate legal paperwork would be so important and necessary at that point in time. A startup lawyer will walk you through the process of formation from start to finish. There are also very complex laws in regards to businesses and taxes. As well as partners, potential investors, share holders, stock owners, employees and contractors.
Imagine if you did not have the paperwork necessary and had a legal dispute with any of the people involved in your business. That could be dangerous and a legit mess, that could have been saved with legal work in the beginning. Imagine you had a shark of a contractor that ran the distance with your company and wanted equity down the road. The professionalism of the paperwork would be vital to figuring out that scenerio. What if you got divorced and had no papers to protect your business, it could potentially crush your company financially and destroy the business.
The corporation side of things as in the corporate structure is key. Imagine there was no org chart that dipicted everyone’s executive role in the compnay. And a problem arose and needed to be handled by the appropriate exec and or voted on by the managing members. Imagine a family was involved in the business, how serious it could be to have the right documents, written by the right lawyer with the right business background.
Do you want an LLC, (Limited Liability Corporation) one you can roll around the tax write off to the partner that needs it most. Would you want anyone to have the ability to do it. Or do you prefer the security of an S-corp where each partner has an equal share of tax rights.Perhaps an LLP, (Limited Liability Corporation) is best. These are all questions a startup lawyer would answer and help to figure out and decide. Going on the journey alone without legal startup help is very risky. How about state and federal filings, which must be done properly? How about licensing, first of all getting licensed properly and second making sure it is all filed correctly.
The list of things to consider when creating a startup company goes on and on. Taking loans from investors and banks can be a fantastic way to grow your business organically and to pump it up like steroids for a payday. Who would not love a pumped up pay off in the end to take care of yourself and your family? Certainly having it all done proper and legal without any shady moves and or shortcuts is so serious and so important to everyone. Please consider it all and more that is involved and consider a startup program that is right for you and business.