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Business Planning Attorney

Entrepreneurs, non-profit organizations, and other small businesses are the lifeblood of the American economy.  With constantly changing tax laws and an increasingly litigious society, there is no such thing as being too careful when starting a business, seeking venture capital funding, looking for business succession planning, etc.  From a legal perspective, it is not difficult to be left clueless with many difficult questions:

    -          What business structure best fits my organization?  
    -          How will my business and I be taxed?  
    -          How do my partners and I terminate our business?  
    -          What kind of debt is best for my start-up company?  
    -          How can I best pass my business down to my kids? 

Attorneys who practice in business planning fall under the category of transactional attorneys, who generally focus on planning, negotiating, and drafting proper business structures and contracts for their clients.  Hiring a skilled business planning attorney on the front end can save a great deal of money compared to a later lawsuit by making a critical tax mistake, giving an angel investor too large of a percentage in the company, or improperly transferring a family business to the next generation.  A good business planning attorney is creative and commonly surprises his or her clients with unique business plans tailored to their individual needs.

Common Business Structures

The two most common business planning necessities usually considered when starting a business or buying an existing one include the taxation of income and one’s personal liability.  Although other factors should be weighed, starting with these two issues will go a long way in deciding which one of the following business structures is appropriate.

  1. Sole Proprietorship
  2. General Partnership
  3. Limited Partnership
  4. LLC (Limited Liability Corporation)
  5. C – Corporation
  6. S – Corporation
  7. LLP (Limited Liability Partnership)
  8. PC & PLLC
  9. Non-Profits (Although listed as a separate business type, non-profits generally take the form of one of the structures listed above.)

Liability and Business Planning

Properly planning for a new or existing business on the front end cannot be stressed enough.  Generally speaking, a sole proprietorship business owner is personally liable for the debts, business contracts, lawsuits, etc. that the business incurs.  If one doesn’t care for formal paper work, then a business planning attorney can at least help guide you to the right source for liability insurance. 

Also, just because one may have decided to use a certain structure in the past doesn’t necessarily mean it can’t be changed going forward.  Regardless, proper business planning is usually worthwhile to prevent many litigious problems that arise later on down the road.

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