A new business startup often feels overwhelmed by the complex legal challenges in their path. And especially in these early stages relying on a business formation lawyer can prove invaluable. Across a range of industries, entity formation, document creation and asset protection techniques can make or break a new business. However, with an experienced McKinney business law attorney by your side, your startup will have a foundation built for long-term success.
Key Stages in a New Business Formation
When you are trying to start a business, you may be overloaded with information. There is so much to do, where do you even start? The team at Lucé Law, PC can help you put together the framework and foundation on which you can begin your success. Here are a few things you will want to do first thing to start off right.
Choose a Business Structure
There are many ways to structure your business. Each type has its pros and cons, and the kind of business you are starting would influence which you choose. If you are a small to mid-sized business that has a low risk of being involved in liability, then a sole proprietorship makes sense. If you have business partners and want to protect yourself, you need to consider another type such as a limited liability partnership, limited liability company, or corporation.
File Your Name
You will need to think about what you are going to call your business and then file the name certificate. Do a brief check on your county record’s website to see if the name is taken. Before you file your form, check with your local county clerk’s office, as each local area may have a different form with different requirements.
Create Legal Contracts
Over time, business disputes can develop simply because the startup did not create binding legal agreements and contracts in the early stages. By hiring a business law attorney, you can lean on their experience in contract drafting and resolving disputes. One thing to consider when hiring a business lawyer in McKinney is their history and experience drafting contracts and agreements. Your attorney will be able to create comprehensive agreements for business partners, employees and other parties you do business with.
Get Insurance Protection
Various insurance policies offer valuable protection that new startups often underestimate. If you sell products of all kinds, product liability insurance can protect you in the event of mishaps and injuries. Similarly, commercial property insurance helps a business after property damage. While you cannot prepare for every eventuality, obtaining insurance can safeguard against expensive lawsuits.
Think About Taxes
Next, you need to determine what your tax obligations will be. It is helpful if you have a tax professional on hand that you can reference when you have a specific question. You will need also to apply for a tax identification number through the IRS, which can be done on their website.
Apply for Licenses and Permits
Depending on the type of industry you’re operating in, it’s likely you will require several licenses and permits. From industry-specific licenses and zoning permits to health certificates and building permits, there are numerous federal and state documents. A business law attorney can identify the essential licenses a company will need and complete the application process.
Dedicated Business Law Attorney in McKinney
Lucé Law, PC provides business law, real estate, estate planning and litigation services in North Texas. Contact our McKinney office for legal assistance and representation. To reach us, call (972) 632-1300 or request a free legal consultation now.