When people decide to start a business, they usually have a great idea and some money to invest in the enterprise. Some people opt to start the business by themselves or with family members, while others have partners or other investors who will not be involved with the day-to-day affairs of the business. The laws that apply to start-up businesses differ based on the specifics of the situation, and even business people who decide to go it alone have options to protect themselves from personal liability for business debts and obligations. For this and other important reasons, you most likely will need a lawyer for your startup. Contracts. Most businesses execute contracts for space, services, and supplies. Businesses often have agreements between partners, investors, and employees. It is important to get it right so you don’t end up in court. Multi-State Business. The preconditions to forming and conducting a business entity in one state may not be accepted in another state. If you are not careful, the protections you have in your home state of operations may be lost if you do business in another state. Capital. Businesses need to raise money, keep records of income and distributions, and behave in a fiscally responsible manner. Different business entities may require different procedures for raising capital and making distributions. Variety of Entities. Although there are five basic business entities, there are other options within these entities that determine things like double taxation and liability for the acts of partners. Autonomy. With many business entities, the things you don’t decide are decided for you. Most states have adopted “Uniform Laws” that fill in the gaps for business entities where their charters, by-laws, and other organizing documents are silent. You may be subject to a whole set of laws and regulations that you don’t even know exist. Tax. Different business forms provide different tax advantages and disadvantages. The only thing more crucial to a new business is liability. Liability. Different business forms provide different protections and risks to the business owner/investor. Personal liability means that your business puts everything you own at risk. An attorney can help you avoid this situation or minimize your risk. Knowing about your personal liability, and reducing the risk that your business may devastate the economic well-being of you and your family, is well worth a visit to an experienced attorney. Business Startup Lawyer Free ConsultationIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a business law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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Is Filing Bankruptcy Better Than Just Not Paying Your Creditors Back? Source: https://www.ascentlawfirm.com/lawyer-for-startup-business/
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ABOUTHi i am Sandra Klutts. If you need a Cottonwood Heights divorce lawyer, child custody, adoption or family law attorney who does child custody, father’s rights, divorces and family law that cares about you, your family, your case, and is aggressive, call 801-676-5506 now for a free consultation. They are among the best law firms in the area. I would definitely recommend them to anyone. Divorce in Utah can be tough, so you need a smart Cottonwood Heights divorce lawyer. Archives
April 2019
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