Setting a Business with the Help of a Business Lawyer Maryland Offers
If you are in the beginning stages of starting your own business, you should consider consulting a business lawyer to verify any legislation, rules, or tax obligations by which your company might have to abide. Furthermore, a business lawyer in Maryland can help you establish your new company by making sure all legalities are met, including applications and documentation. This can help you save time and money in the long run, and offer you peace of mind that everything is handled correctly. To speak with a business lawyer, call Brown | Gould | Kiely today.
There are multiple steps that you must take when starting your own business. This includes developing a business plan, developing a financial structure for the business, and choosing as well as registering a company name.
Another important step is deciding on the business structure. Each of the following types has their advantages and disadvantages. Choosing the right one for your needs is important because it will determine your liability as the owner, including your tax obligations. A business lawyer can explain each to you in more detail as they may apply in your unique set of circumstances. The most common choices for business structures include these four types:
1. Sole Proprietorship – Simplest business structure with pass-through taxation. Offers no protection from personal liability.
2. General Partnership – Like a sole proprietorship but has at least two or more owners.
3. Corporation – A complex business structure with the most protection from liability concerns. However, it is subject to double taxation.
4. Limited Liability Company – Offers the best aspects of the above, including protection from liability and pass through taxation. Special requirements to maintaining an LLC do apply.
The Dos and Don’ts of Setting Up Your Business
- Do understand personal liability and tax obligations of each business structure before making a choice.
- Do create a business plan as it might dictate your best structure options beforehand.
- Do ensure you are meeting state and federal requirements. A Maryland business lawyer from our firm can assist you with this.
- Do submit your documentation in full, making sure everything is correct to the best of your knowledge. We will be happy to review your forms and make sure it is likely to be approved the first time.
- Do speak with a business lawyer for clarification and assistance.
- Do have a business lawyer in Maryland from our firm review any contracts or agreements before you submit them.
- Don’t start to operate your business before choosing the structure.
- Don’t assume you can operate in multiple states. For example, some business structures are not recognized outside of their state. This means they will likely lose the protection of liability.
- Don’t feel overwhelmed by the process. As complicated as everything might look, there may be a solution that matches your needs. A business lawyer in Maryland can be invaluable in helping you to choose a structure that works.
Seek Legal Advice When Deciding on a Business Structure
When you are choosing a business structure for a new business, or thinking about restructuring your current business, you should understand that there are many factors to consider. Without doing so, complications in the future could arise.
If you would like professional guidance on business structures and the overall setup of a business, call us. For decades we have assisted clients with a broad range of business legal services including set up, litigation, acquisitions, mergers, drafting contracts, and more.
Our extensive experience and knowledge of business law allows us to assist our clients reach their goals. Learn how beneficial a business lawyer in Maryland can be for your new company. Whether you are a small business with less than five employees, a mid-size business, or a large company, one of our business lawyers may be able to help you.
To request a free consultation with a business lawyer in Maryland from Brown | Gould | Kiely, give us a phone call or use our online contact form.