Starting a new business is exciting, but do not let legal obligation cause you to fail before you even open up shop.
Not everyone is familiar with the ins and outs of starting or owning a business. Let Key Law, LLC assist you with the legal hurdles during the business formation process.
There is more to starting a business than coming up with a good idea. When opening any business, there is a lot that must be done before it can legally be deemed a business, and many would-be entrepreneurs are unaware of this. Selecting a name, hiring employees, and other minor details might seem dire, but the legal obligations and requirements that have probably not even crossed your mind are actually more important.
There are certain legal matters that cannot be avoided when opening a business, so it would be wise to hire an attorney to help with the details of your business formation. Forming a business does not have to be a hassle when you have a skilled attorney from Key Law, LLC by your side.
What are the Different Types of Business Structures?
When opening a business, people can choose from a variety of structures, including:
- Sole Proprietorship: A business that has one owner who makes all of the decisions.
- Partnership: A business that has more than one owner and for which the decisions are shared amongst the partners.
- Limited Liability Company (LLC): A business that is a combination of a corporation and partnership.
- Corporation: A business that is controlled by shareholders, but is its own legal entity.
- Nonprofit: A business that does not make a profit, but generates an income through activities like fundraising.
Business owners will want to keep in mind how each structure differs, and how these differences can affect various aspects of their business, such as taxes. A skilled attorney from Key Law, LLC can help you determine which option is best for you and your business, but also help you plan and tackle the many tasks for which new business owners are responsible.
Why Hire a Business Formation Attorney in Birmingham, Alabama?
From the start, there are daily challenges that business owners will face, some more complex than others. Not all those who choose to own a business are familiar with the laws, which makes it difficult to know what is right and what is wrong. A lot is at risk for all parties involved, which is all the more reason to make sure things are done right and avoid any legal issues that can negatively impact the business.
Are you starting a business and need legal guidance? Contact Key Law, LLC today to learn more about the business formation process and your obligations as a business owner.
Do not let a mistake keep you from your dream of being a business owner.