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The Top 10 Considerations When Forming A Business
Author : Daniel Pepper
1) Contracts. Most businesses execute contracts for space, services, and supplies. Businesses often have agreements between partners, investors, and employees. It is important to get it right so you don’t end up in court.
2) Registering, Licensing, and Permits. Some business entities are required to register with the state in order to be recognized. Even businesses that are not required to register may be required to obtain licenses or permits.
3) Control. The choice of business entity often dictates the manner in which the business is operated. Choosing the wrong entity may make you personally liable for the wrongs of employees or partners.
4) Multi-state Business. The preconditions to forming and conducting a business entity in one state may not be accepted in another state. If you are not careful, the protections you have in your home state of operations may be lost if you do business in another state.
5) Strict Conformity. With some business entities you must strictly conform to the state law governing that business form or you lose its benefits and protections.
6) Capital. Businesses need to raise money, keep records of income and distributions, and behave in a fiscally responsible manner. Different business entities may require different procedures for raising capital and making distributions.
7) Variety of Entities. Although there are five basic business entities, there are other options within these entities that determine things like double taxation and liability for the acts of partners.
8) Autonomy. With many business entities, the things you don’t decide are decided for you. Most states have adopted “Uniform Laws” that fill in the gaps for business entities where their charters, by-laws, and other organizing documents are silent. You may be subject to a whole set of laws and regulations that you don’t even know exist.
9) Tax. Different business forms provide different tax advantages and disadvantages. The only thing more crucial to a new business is liability.
10) Liability. Different business forms provide different protections and risks to the business owner/investor. Personal liability means that your business puts everything you own at risk. An attorney can help you avoid this situation or minimize your risk. Knowing about your personal liability and reducing the risk that your business may devastate the economic well-being of you and your family is worth the visit to your attorney.
Author's Resource Box
Daniel A. Pepper is the founder of Pepper Law Group, LLC, a law firm based in Somerville, New Jersey which provides strategic advice and sophisticated legal services to businesses, entrepreneurs, and entertainers in the areas of technology law, intellectual property, Internet law, entertainment law, business formation and general business counsel, and privacy and security law.
Dan is a member of the State Bars of New Jersey and Pennsylvania, the District Courts for the District of New Jersey and Western Pennsylvania, the American Bar Association, the American Corporate Counsel Association, the Internet & Computer Law Committee of the New Jersey State Bar Association, the Somerset County Business Partnership, the Philadelphia Volunteer Lawyers for the Arts, and the Free Speech Coalition. Dan has received a BV peer-review rating by Martindale-Hubbell, which is an indication of an exemplary reputation and well-established practice. He is also a member of the National Academy of Television Arts & Sciences and the Licensing Executives Society. He received his Bachelor of Arts degree from Rutgers University, and his Juris Doctor degree from the Duquesne University School of Law. More information on the firm can be found at http://www.informationlaw.com or by telephone at 908.698.0330.
Article Source:
Articlebliss
Tags: forming, business, sole, proprietorship, partnership, corporation, limited, liability, LLC, laws, business, registering, licensing, permits, contracts, risk, liability, Dan Pepper
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Submitted : 2009-01-22 Word Count : 571 Popularity: 94 Times Viewed: 11
