Starting a business is an exciting venture, but you need to approach it with care as well as enthusiasm. If you want to make sure your new business has a solid foundation on which to build, we at Bennett Guthrie PLLC strongly recommend that you talk to a lawyer about business formation. In this article, we will go over three reasons why we encourage you to take this route, and we’ll provide examples of ways in which a business lawyer can help you.
- Choose the Right Business Form- One reason to talk to a lawyer about business formation is because they can help you select the right form for your business to take, such as sole proprietorship, partnership, LLC, or corporation. Each of these forms comes with a different set of legal responsibilities and potential liabilities, so it’s important to choose carefully.
- Secure the Right License, Registration, and Permits- Another reason to consult a lawyer about business formation is because forming a business often requires you to register with the state, or secure various licenses or permits. A business lawyer will know exactly what paperwork you need to file and help you get everything squared away.
- Minimize Risk- A third reason to reach out to a lawyer about business formation has to do with your personal liability or how much risk you are taking on by starting this venture. A business attorney will be able to help you reduce or minimize the level of risk to your personal finances, essentially helping you avoid getting dragged down with the business should it fail.