Reasons To Talk To An Attorney Before Starting Your Business
There are a multitude of reasons to consider legal advice before starting your business.
The name of your business and the structure of the operation has legal significance.
Before starting your business, you may want to talk to an attorney and be confident that the name you have chosen for your business is not already in use.
Other reasons to speak with a lawyer before starting your business are employee issues, drafting contracts, environmental problems and those dealing with the local, state, and the federal government. Other various reasons are depending on the type of business you are going to have that you will want legal advice.
What Business Entity Is Best For Me
Choosing the right business entity will significantly affect the amount of federal and state income taxes you will, or the business will have to pay. Who will be liable for lawsuits and bankruptcy associated with your business? Partnerships can make each partner equally responsible for all the affairs of the business. Some business entities require you to pay taxes on the earnings of your business without taking any of the money from the company.
Some business entities will allow you to transfer the interest of the business to your children or others. It is wise to talk to your attorney before starting your business to help navigate which business type will benefit you the most. Two of the most important questions are: who will be in control of the business, and how the taxes will impact you and your business?
What About The Securities And Exchange Commission?
You may determine that you have a small business that the Securities And Exchange Commission (SEC) is of no concern to you. The SEC has strict and complex regulations that may cause problems for even a small start up.
The SEC’s regulations are extensive and complex, and while many of them will not have any effect on a small start-up business, some will. Receiving money from a different state will subject you to the federal security regulations. Dealing with the SEC can be frustrating and time-consuming. Filing the proper forms is a necessity. Talking to an attorney regarding the SEC will save you time and will benefit you in dealing with the complex laws with the federal and state securities laws.
Talking to an attorney about various loans and other sources can help get the money needed to start a successful business. An attorney can help you apply for and find the money you need without giving up a significant amount of interest in your business.
If a business rents or owns a property, liability issues can arise. You should talk to your attorney about premises liability, secured lending, and environmental issues. There is a possibility that the real estate itself needs to be owned by a separate entity to protect yourself and the business from additional liability. A knowledgeable Atlanta corporate law attorney will be a great asset in assisting you with property issues and responsibilities.
By-Laws Or Operating Agreement
A common problem occurs when partners of the business disagree and lack documents to resolve the issue. Family or friends will often start a business in Atlanta and think that any problems will resolve easily. Business owners often fail to realize when a large sum of money is invested in business, the friend or family member’s mindset changes. A detailed governing document is essential. Correctly drawn by-laws, partnership agreements and operating agreements are like insurance policies against problems that may arise.
An accurate and comprehensive report for your business will ensure that when problems arise there answered questions in the by-laws of the operating agreement. It is critical that you talk to an attorney and bring all the facts about the business and how it should operate.
Your attorney can draft a document to protect the business and the business owners or partners. Governing documents can assist you in an innumerable amount of ways. What happens if there is the death of a partner? How would you dissolve the business if all the business owners or partners wanted out of the business?
Business owners fail to recognize that an attorney can represent the individual or the entire business. Having an attorney who is familiar with your business and can answer all your questions that may arise is an enormous benefit and a stress reducer.
There are many reasons to talk to a business planning attorney in Atlanta before starting your business. Start your business the right way. Schedule an appointment with a lawyer today.