The attorneys at Vandenack Weaver will ask many questions to make sure that you are setting up the best type of entity for your business. The following topics should be considered:
- Will the initial owners be active in the business and do you expect ownership changes?
- For example, do you intend to bring in new owners after a few months of operation?
- Consider whether an owner is near retirement age, the possible disability of an owner that is active in the business, and scenarios where an ownership change may be necessary.
- How will your company be managed?
- Do you anticipate being the sole person responsible for the decisions or will multiple people be responsible for the strategic business decisions?
- If multiple people are involved, what happens if the decision makers disagree?
- How will the company obtain the initial funds to operate?
- Do you anticipate bringing in investors, taking out a loan, using retirement funds, or using some other mechanism to obtain initial financing?
Protection From Liability
- Do you have a lot of personal assets you would like to protect?
- Is this new business going to be your full-time profession or a side business?
- To what extent do you want to shield yourself from the business?
- Will you be operating the business as a professional entity, such as a doctor, lawyer, or similar licensed professional?
- Do you anticipate hiring employees immediately?
- If so, have you contemplated the additional tax, payroll, and bookkeeping requirements involved with the employees?
About Our Legal Team
Our attorneys have extensive backgrounds in tax, business and litigation. We use this knowledge to act as active partners for our clients, helping them develop strategies for creating the best results for their companies, families and futures. To learn more about our lawyers’ background and qualifications, visit our corporate site.