Starting a business requires careful consideration, from the structure of a company to its business lines and capital. However, beginning a business with your family, in turn, brings all new kinds of questions surrounding profit-sharing, control, and succession.
When you want to develop a company with your relatives, a seasoned family business attorney could help you meet the requirements to set up your company’s legal entity or counsel it as it progresses.
The San Antonio family startup business lawyers at Begum Peláez-Prada, PLLC, bring years of business law experience and practical knowledge to benefit you and your family. Call today to schedule a consultation.
The legal form of a company can significantly impact how the business will operate and how success flows to the company’s owners. For example, a sole proprietor takes on all the risks of a business and receives all the benefits. Partnerships can see business partners contributing capital and labor with the hope of receiving distributions of profits.
A partnership can start with an informal agreement to go into business together or a detailed partnership agreement. Similarly, a partnership can have limited liability for certain partners as a limited partnership if the business registers with the Texas Secretary of State. Other company forms that grant limited liability for owners—such as corporations and limited liability companies (LLCs)—also require filings with the state and more developed documents that govern the company’s activities and structure.
A family business can take the form of a partnership, an LLC, and even a closely-held private corporation, each with unique effects on how the business will operate, how profits and losses will be allocated, and how revenue will be taxed. Careful consideration of the legal form of a family startup can provide clarity, and a San Antonio startup attorney could set your business up for success from the start.
A seasoned attorney could bring valuable insight to your business as it begins and establishes itself, especially in the case of a family startup. They could evaluate your plans for the business and any predecessor company to help determine the new business’s form.
A lawyer could also set expectations about the structure of the business and draft the necessary documents to be understood by everyone involved. By highlighting what each family member brings to the company, your attorney could explain how the business will benefit everyone and where different responsibilities fall.
Once the company is created correctly, a legal professional could handle issues related to establishing trademarks, contracting with vendors, and leasing or buying commercial real estate.
By working with a family business startup lawyer in San Antonio, your company could overcome roadblocks and provide prosperity for you and your relatives.
With Begum Peláez-Prada, PLLC, led by managing partner Sasha Begum, your family business could gain a strong foundation and develop alongside the advice of our San Antonio family startup business lawyers.
Our focus is on you and your family, taking into account your long-term needs and wants for the business. When you are interested in founding or growing your family business, get in touch with our law offices to see what we can do for you.
