So, you have decided to start your own business . . . . . ? Congratulations!!!
Whether it is going to be a small individually run shop, or a larger multi-employee enterprise, one of the first critically important decisions that you must make is “What type of business entity and structure should I use?” The Internet doesn’t provide in-depth thoughtful answers to this question. Only your Business Lawyer, often is discussion with your CPA or tax advisor, can perform the proper analysis for you to select the most appropriate entity type and business structure.
The Law Offices of Christopher D. Sposato will advise you to select the correct answer to this question.
We will spend time with you to understand your business vision and your immediate and longer term plans.
What type of business is it?
What are its capital requirements?
Do you have, or will you have partners, other “members” or shareholders or “silent investors?”
Will you be hiring employees and/or using independent contractors?
Will your business and its work expose you to personal liabilities in the event something goes wrong and someone is physically, emotionally or monetarily injured?
Do you intend to raise capital from Friends? Family members? Outside investors? The Public? Will they be “owners” or “Lenders?”
Where will you operate? Just Locally in one location? Do you see branching out to multiple locations? Different States? Internationally?
Do you intend to take out your earnings/profits each year or do you expect to retain them within the business to accumulate from year to year?
What will be your and the new company’s accounting and tax situation?
These and other questions help us formulate an answer to what type of business entity and structure will be best for you. We can recommend the simplest, a sole proprietorship, to one of the most complex, a limited liability partnership, and others in between such as a limited liability company – an LLC – or a “C” or “S” Corporation.
Once we help you select the most appropriate entity type and business structure, your Business Attorney will draft the necessary organizational documents and instruments for the type of company selected, and prepare associated contracts and documents that will be required to ensure smooth operation and governance for the entity and for the inter-actions among you and your other partners, members or shareholders. As necessary, the organizational documents and instruments will be filed with local and State governments.
The Law Offices of Christopher D. Sposato offers free consultations to discuss your legal and business needs. Contact our office by Telephone at 203-905-0268 or by e-mail at cdsposato@integrity-resources.com.