Take the stress and trouble out of forming your new business and hire a business formation attorney. There are several critical factors involved in choosing the appropriate business format for your economic adventure.
One of the first factors and likely the most important to new business owners to consider is liability. Most entrepreneurs do not want their personal assets to be at risk in their new business venture. Your business formation attorney will be able to inform you as to the various types of entity forms available and the level of personal asset protection they provide. Furthermore, once you have chosen the business form that is best for your venture, your business formation attorney can advise you on how to preserve the integrity of the business such that personal asset protection is maximized.
A second factor to consider in business start-ups is how many assets will be involved. For example, a law firm would be more concerned with a business entity form that was designed for a service-driven business. A service driven business does not have as many tangible assets or real property. However, if your new business is focused on purchasing real estate, then you may need a business entity form that does not penalize the bottom line for asset turnover.
A third factor is the number of business owners for the venture. Your business formation attorney will have in-depth knowledge of the business form best suited for small business versus publicly-traded conglomerates. A smaller business will not need as much asset protection as an international corporation, but the protections of the business entity form are just as important.
Your business formation attorney will provide more than just choosing the right business form. Business formation attorneys are aware of state, local, and national licensing requirements. Further, the necessity of linking the business formation with the experienced accounting firms is a crucial part of the formation process. Your business formation attorney can also provide assistance as to the requirement of obtaining workers compensation insurance. Additionally, with the present state of the health care industry, business formation lawyers are more important than ever as new business owners struggle to comply with a litany of new business restrictions and requirements. The new business may also need advice as to whether to purchase liability insurance coverage or even automobile insurance coverage if your new business has employees operating motor vehicles on the public roadways.
There are many reasons to consult with a business formation attorney. However, it is the reasons we cannot think of that make consultation a must for all new business operators.
