While the prospect of starting a business is exciting, entrepreneurs can face tough decisions regarding issues such as the right choice of entity. Prospective entrepreneurs must examine a range of factors, such as legal liability, intellectual property, and tax considerations.
Engaging a skilled business attorney from Begum Peláez-Prada PLLC could help entrepreneurs address the complex questions and issues that arise when starting a company. Please contact a Dominion business startup lawyer today if you need help at any stage of this process.
Choosing the right entity type is one of the first issues you must consider when starting a business. The state offers several different entity choices, each with its own advantages and drawbacks.
A Dominion attorney could help you choose the best structure for your entity based on factors like the nature of the business startup. Some popular entity choices and their key features are:
A Dominion business startup attorney could help you understand how your choice of entity impacts your personal liability for company debts. Many companies will inevitably face lawsuits or owe a debt to creditors.
Certain entity structures, such as a sole proprietorship or general partnership, allow a creditor to pursue the business owner’s personal assets to satisfy the company’s debts. For example, an owner can lose an asset, such as a house or car, to pay off company debt.
To alleviate this concern, you may need to consider an entity that provides a shield of protection from personal liability, such as a corporation, limited partnership, LLP, or LLC.
Tax considerations may also influence your choice of entity. Certain entities, such as corporations, are subject to double taxation, while entities like partnerships can take advantage of pass-through taxation.
The entrepreneurial process is stressful when you have to worry about the new business while considering the various legal issues that will inevitably come up. The specific issues you will face will depend on the type of entity and the nature of your business.
For example, a corporation may need assistance negotiating and drafting shareholder or investor agreements. Our legal professionals could advise on legal issues involving the company’s board of directors.
A Dominion business startup attorney could also help you draft organizational documents and agreements related to the management of an entity, such as articles of incorporation, bylaws, or an LLC operating agreement.
If your business involves intellectual property, we can assist with matters including assigning copyright, patent, or trademark rights from the founders to the company. Our lawyers could review agreements to lease or purchase property for business matters involving real estate.
Your business may also need advice on hiring employees, such as drafting employment agreements, independent contractor agreements, non-compete agreements, and confidentiality or nondisclosure agreements.
The number of legal issues you must consider when starting a business can become overwhelming. A Dominion business startup lawyer at Begum Peláez-Prada PLLC is ready to help you get started setting up your company.
Sasha Begum leads an experienced and knowledgeable team that will support you in starting your business. We pride ourselves on our attention to our clients and their needs. Call our law office today to schedule an initial consultation.
