Perhaps you're ready to take the entrepreneurship plunge? Maybe you want to turn a hobby into a second income stream? Limelight Law can help you decide on the business structure that's right for you; We also advise on a range of issues for existing businesses & assist during transition periods.
- Form a Partnership, LLP, Corporation, LLC, or other legal business entity.
- Form/Register a Non-Profit Organization by applying for 501(c)(3) status with the IRS
- Convert your current business structure to a different one
- Sell or transfer a business entity.
How Do You Form a Business?
When forming a business, one of the first and most important decisions to make is the structure you will use. A business structure is the legal classification of a business that determines taxes, liability, and other legal rights and responsibilities.
A range of business structures is available, including:
- Sole proprietorship
- General partnership
- Limited partnership
- Limited liability company (LLC)
- Corporation
- Cooperative
The best business structure for your business depends on a range of different factors.
Five Important Ways a Lawyer Helps Your Business
A business lawyer can advise you on a range of issues when forming a business.
1. Choosing the Right Structure for Your Business
Choosing the right structure is the key to building a strong foundation for your business and its future growth. A business lawyer can advise you on the pros and cons of each structure available to you, relevant to your circumstances.
This will help protect both your interests and your business's interests in the future.
2. Industry-Specific Advice
A business lawyer can give you advice specific to the industry in which you operate, as well as the product or service you're offering. This includes assisting you with understanding the applicable regulations and any necessary licenses or permits.
3. Drafting and Negotiating Legal Documents
Business formation typically involves the preparation of a range of documents, such as business registration papers, intellectual property registrations, and other commercial documents. A lawyer can assist you in accurately drafting these documents.
Importantly, a business lawyer can draft legally binding contracts or negotiate the terms of a contract to benefit you and your business. These are essential to many aspects of running a business, for example, partnership agreements.
4. Understanding Your Tax Obligations
Failing to properly understand your tax obligations can result in significant tax liability down the track. Taxation is a complex area so engaging a business lawyer, along with a qualified accountant, is the best way to ensure compliance.
They can also advise you about what tax breaks, credits, and deductions are available based on your business' structure and circumstances.
5. Employment Law
If you hire employees, you must comply with a suite of employment laws and regulations. A business lawyer can help you navigate these and draft effective employment contracts that protect both you and your employees.
Termination especially can be a legal minefield, so reliable legal advice on this is essential.
Contact a Business Lawyer in Washington Today
If you are considering starting a new business in Washington D.C., our business lawyer can help you make strategic decisions. Contact Limelight Law today to schedule a Business Law Consultation. You can either fill out our online form or call us at 202-552-7365. We look forward to helping make your new business a successful one.
Questions before getting started? Get in touch.