How a Business Formation Attorney Can Benefit Your New Business
Starting a new business venture can be intimidating and scary. There are a variety of things to consider including the name of your business, what type of business you need to start, marketing, staffing, and so much more.
While hiring an attorney may not be the first thing on your mind, you might want to consider moving the task right to the top of your list. Sometimes hiring an attorney is kind of like hiring a plumber – you only do it when a problem comes up, but if you plan your business with the help of an attorney you can avoid a lot of issues down the road. Here are several ways in which a business formation attorney can assist you:
- Determining Legal Structure: The most common types of structures for a business are sole proprietorship, limited liability company (LLC), corporation, and partnership. But did you know that there are also special versions of some of these types of structures? You’ll want to take into consideration things like liability protection, tax structure, and financial benefits for each type and an attorney can discuss your business plans with you and help you determine which type of structure is best for your business goals.
- Corporate Governance: While you probably know that you will need an attorney to help incorporate your business if that’s the structure you choose, you may not know that an attorney can help you maintain your corporation status. An attorney can be sure that you are following all of the state’s requirements for corporations because failure to follow the requirements could result in piercing of the corporate veil that could end in a lawsuit or other legal action.
- Licenses and Permits: If you plan to sell goods in Florida, you will be required to register your business with the Department of Revenue. There are many other licenses and permits that you will likely need, and failure to have all the necessary and required licenses and permits could get your business off on the wrong foot or keep it from getting off the ground at all. An experienced business formation attorney can help you be sure that you have all of the permits and licenses that your new business will need.
- Intellectual Property: Many business assets need legal protection, such as the name of the company, logo, and distinctive services and goods. These may be entitled to copyright protection and a business formation attorney can help you protect your assets. Other items may be eligible for patents or trademark registration, but without consulting with an experienced business attorney, you may not know that your assets need protection until it’s too late.
Finding an Experienced Business Formation Attorney
The list above is just a handful of things to consider when forming a new business. There are dozens of issues that need to be addressed when considering a new business venture. While a good attorney isn’t cheap, running into extensive legal issues any time in your business will cost even more and may even cost you the entire business. A consultation with an experienced business formation attorney like David Toback can give you peace of mind and save you thousands of dollars down the road. Contact him today at one of his convenient Florida locations for a consultation and get your business off on the right foot.