Entrepreneurs are an essential piece of our economy and culture: The people who take their dreams and decide to turn them into reality. As much as starting a business takes a great idea and the guts to go through with it, it also takes a considerable amount of legal assistance to make sure your business is ready to go.
What’s Your New Business Type?
When starting out, you first have to select the entity that works best for you. Things that need to be considered when determining what may be the best setup for your business are growth potential, income, minimizing taxation, and personal liability.
Options for the type of business include:
- Limited Liability Company (LLC)
- Limited Liability Partnership (LLP)
- Family Limited Partnership (FLP)
- Sole Proprietorship
- C-Corporation or
- Limited Liability Limited Partnership
- Statutory Close Corporation
Proper documentation is also vital for a new business to ensure you get the name, licensing, and tax status you need for your new enterprise. This will eventually include internal documents as well, such as organizational meeting minutes, corporate bylaws, operating agreements, or partnership agreements.
It can feel overwhelming to start up a business, but the right attorney can help guide you through all these steps to determine what will suit you best. At Terrazas Henkel, P.C., our experienced attorneys listen to understand your goals and help you make an informed decision about what type of business entity is best for you. We can make sure that you are covered for the legal issues you may encounter, and help set you up for success from the get-go.
Call our team of professionals at 406-541-2550 to set up an appointment to begin implementing your new business idea today.