Starting the business of your dreams can be rewarding when you do it right. There are many things to keep in mind to ensure your success: How will you structure your company? As an LLC? C-Corp? S-Corp? Will you have investors? How will you protect your intellectual property? How do you protect confidential information? Without the help of a seasoned legal professional, navigating the complex questions and issues that arise can be overwhelming.
The best way to protect your interests is to consult a business attorney with experience helping startups successfully build their foundation—and flourish. When you have uncertainties at any stage in the process, consulting with a lawyer could save you money and help you avoid expensive mistakes. A San Antonio business startup lawyer like Sasha Begum at Begum Peláez-Prada PLLC could advise you, protect your interests, and guide you from the formation of your company as your startup grows and takes off.
At Begum Pelaez-Prada PLLC, we specialize in helping businesses of all sizes, from formation through growth stage and beyond, achieve their goals. Many factors go into creating a successful new business, from developing the product or services to hiring the first employee. Each stage can present unexpected obstacles; and startups, in particular, face unique challenges during the foundational stages. A new business’s survival depends on critical legal issues, including organizational structure, financial policies, and contractual terms with other parties.
Developing your new business while handling all the legal requirements at the same time can be stressful. A business startup attorney in San Antonio could be of assistance by:
Receiving well-informed advice during the early stages of a startup—and beyond—can be vital to your business and the big difference between exposure to liability far exceeding the value of an agreement or contained liability. A legal professional knowledgeable in contract law, such as Sasha Begum, could ensure the contracts are appropriate and custom the needs of your business.
You will have to make many important decisions for your startup to be successful. One of the biggest decisions is choosing and forming the proper legal entity for your business, each of which comes with unique advantages and requirements. The most popular business entity structures include:
This is the simplest entity to establish: While less paperwork is required, a sole proprietor takes on a lot of liability because they are personally responsible for their startup’s finances and liabilities.
Like a sole proprietorship, a general partnership requires less paperwork to establish. Since general partners are personally liable for the business’s legal and financial affairs—including the conduct of other partners—they are exposed to greater liability.
A limited partnership is made up of at least one or more general partners and at least one or more limited partners. General partners are liable for a business’s legal and financial affairs, while limited partners typically are not. Its establishment requires some specific paperwork.
None of the partners are personally liable for the legal and financial affairs of a limited liability partnership; it requires some specific paperwork to establish as well as annual financial filings with the state of formation and federal government.
A limited liability company is a separate entity from its owners, meaning that the owners are not personally liable for the company’s legal and financial issues.
In these complex business entities, there is a “parent” or “umbrella” LLC with one or more limited liability companies established underneath it. Each series essentially functions like a separate entity. Not all states allow them, however Texas does allow them. These are often used for real estate transactions.
This legal entity, which is separate and distinct from its owners, can be complex to form.
To choose the right option, an entrepreneur developing their startup should consider their client base, market, and the kinds of contracts they will need. A well-practiced business startup lawyer in San Antonio would be happy to discuss these concepts in further detail during an initial consultation.
Many legal processes are involved in the creation and maintenance of a startup. Drafting the proper contracts and ensuring complete legal compliance can make or break your new business. Choose our experienced, dedicated team of legal professionals at Begum Pelaez-Prada PLLC as your trusted advisers. Call today to speak with San Antonio business startup lawyer Sasha Begum and her team.