Choosing the right business formation is one of the most important early steps to securing the stability of your business in both the short term and long term. Your business form or legal structure will determine your company’s vulnerability to liabilities, the financial demands of running your company and the nature of taxation on your company.
There are many procedures concerned with a business formation that you can do on your own as an entrepreneur. But you will mostly need the help of a trained business organization’s attorney. At GPS Law Group, we have a diverse team of attorneys who provide high-ranking guidance on matters concerning business formation.
Getting Started — Why Do I Need an Attorney?
Before you start up your business, your attorney will study your business model, learn all the important characteristics of your company and help you select the right formation to produce the best results to manage liabilities, taxation and financing.
Your attorney will help you choose a business formation from any of the following:
- Limited Liability Companies (LLC)
- Limited Liability Partnerships (LLP)
- Sole Proprietorship
- C Corporations
- S Corporations
- Professional Corporations
- Limited Partnerships
Each of these formations come with their own benefits and downsides. A skilled attorney will guide you through the decision-making process by doing the following:
- Legal Entity Selection: your attorney will help you decide what business structure is best suited to your business aims and targets.
- Drafting Incorporating Documents: you will need help preparing all incorporation documents and process important aspects such as:
- Articles of incorporation
- Bylaws / operating agreements
- Acquisition of an Employer Identification Number (EIN)
- Opening minutes
- Assistance with your first organization meeting
- Filing: Your attorney will help you coordinate the entire procedure of filing and registering your business with the Secretary of State’s office in whichever state you select.
No matter what issue you face in regard to starting up and organizing your business, a business attorney can help you make all the right choices to secure your business. An attorney will also help you with all the steps to get your business up and running.
Benefits of Choosing the Right Formation
After getting all the legal help you need, choosing the right formation and formally registering your company comes with some great advantages:
- Minimal Liability: creating a strong business formation legally separates the individual owners of the business from the business itself. This separation protects individuals from liabilities associated with the business.
- Tax Benefits: picking the right business formation and tax structure can help your business spend less on taxes. Each formation comes with a certain tax liability. It is important to take this into consideration before concluding the formation.
Picking the right business formation is a complicated process. Hiring an attorney will help take the workload off your shoulders as well as reduce the risk of being sued or becoming a party to a lawsuit.
Contact Our Office Today!
If you have any questions and would like to discuss your business formation with an experienced lawyer, call the GPS Law Group at 704-741-9957 for a consultation today. The GPS Law Group serves Charlotte, Gastonia, Concord, Huntersville, and surrounding communities in Mecklenburg County, Rowan County, Cabarrus County, Iredell County, and Gaston County, North Carolina.