Business Law Attorney
It appears easy to form and run a business. There are online programs available that will draft your formation documents and offer instructions on filing them with the Corporations Division. With a few mouse clicks, it seems you are ready to take on the world with your dream of self-employment.
However, business law goes beyond formation. You need to make good choices at that step, but there are also maintenance steps to keep registration current. At some point, you will hire new executives, vendors, employees and independent contractors and need written contracts to assure mutual understanding. There is also a chance that as your business grows, another entity form will serve you better for tax purposes and you will need help making that change. Finally, you may acquire or merge with another entity or decide it is time to sell and retire.
If this all sounds overwhelming, you are not the first to feel that way. Gold & Associates, P.C. in Plymouth, MI offer experience and knowledge in business law that will help your venture from start to finish. Rather than take uninformed risks, work with a business attorney so you can make better decisions that support your success.
Business Formation
Business formation involves your choice of entity. You have many options in this department. The limited liability company is frequently popular because it is low maintenance and still offers protection from most personal liability claims that are connected with your business. Corporations offer tax benefits and partnerships clearly designate duties and profit allocation when more than one person takes on a business idea.
Rather than indulge in guesswork on the Internet, discussing these options with an attorney helps you make an informed decision on your business entity form. Every single one has their advantages and disadvantages so you need to know what to expect.
Business formation also goes beyond just the initial documents. For example, if you opt for a corporation, you also need to include shareholder agreements and specific governing documents. If you do not have these documents, your corporate registration could be considered invalid. When you have a business attorney involved, you rest assured that these steps are not skipped over. You know that you completed the process correctly.
Maintaining Businesses
Once you get through the formation step, there is still more to do as your business grows. Every business is contract-based whether you hire an independent contractor or work with a vendor. High-level executives also prefer knowing what to expect in terms of compensation and bonuses. Office and shop leases are a very different category from your typical rental agreement, so you may require guidance in that area too.
You want clear contracts and leases that work with your business goals. This is another area that can quickly become guesswork if you do not have an attorney involved. Since vague contracts often lead to lawsuits, you can save money in the long term by investing in solid legal advice now.
Purchase, Sales, Mergers and Acquisitions
Business grows and changes. Sometimes, this is for exciting reasons. Your idea may gain so much traffic that a larger entity wishes to purchase your business. There is also a chance that you are the larger entity that seeks to acquire or merge with another.
Purchase, sale, merger, and acquisition of a business all involve complex legal transactions. There are several issues to consider beyond price and trading assets. Sometimes, people wish to maintain their profit or partnership interests too, and that requires thorough legal consideration. That can be especially relevant if a business sale is due to retirement rather than adverse economic circumstances.
It is also sadly common that partners who once had a big idea now find they can no longer work together. Dissolving a partnership consistent to terms in the partnership agreement is a careful process because mistakes and misgivings can lead to lawsuits.
Hiring a good business attorney is an excellent investment for your business. Many of these efforts can support your success and reduce your chances of facing liability. Whether you need assistance at the beginning or decide to have an attorney involved after years of service, contact Gold & Associates P.C. to schedule a free consultation about your business. Our telephone number is (734) 335-7100 and we look forward to hearing from you.