Whether this is your first business or another of many, business formation can be an exciting prospect. Even so, your thrill may be mitigated by the reality of developing the legal framework and licensing to get your company off the ground.
Important considerations you need to think about during business formation may include the following and more:
- How large you’re willing to let your company become
- How many employees you’ll expect to have
- What your tax liability will be
- What your personal liability for the company will look like
At The Browne Firm, we can help you choose a business structure to get you started.
If you intend to publicize your company through a sweepstakes campaign, our NYC business formation lawyer can also help you understand the laws that govern such promotional endeavors.
To get started, contact The Browne Firm today.
Business Structures You Can Choose
For many business owners, the first task to complete is choosing a business structure that best aligns with their plan or strategy.
While there are many business structures in use throughout the country, five main types are in common use, including sole proprietorships, partnerships, limited liability companies, corporations, and not-for-profit organizations.
Sole Proprietorships
This type of business is nearly indistinguishable from its owner. The owner can personally reap all of its profits, but they’re also on the hook for all its debts. A sole proprietorship may be the quickest, most cost-efficient way for entrepreneurs to start a small business, but they should be mindful that they can be held personally liable for any of the business’ actions.
Partnerships
A partnership can be formed when two or more people enter into business together. Typically, a partnership agreement will be drafted before the business begins to outline each partner’s stake in the company’s profits, losses, and liabilities.
Limited Liability Companies
With an LLC, owners are considered “members” and may not be held personally liable for all the business’ actions or debts. As with a partnership, members may draft an agreement to detail provisions for management and distributions of profits and losses.
Corporations
A corporation is a complex business structure that affords a company with rights, privileges, and liabilities that may extend beyond a single individual’s. Structuring your company as a corporation can lead to tax benefits and other perks, but you will lack the kind of control you have over your new business that’s present in other structures.
Not-for-Profit Organizations
Not-for-profit organizations, commonly known as nonprofits, are entities dedicated to serving the greater good, free from the profit motive. They offer several advantages, including potential tax benefits and access to grants and donations. Our attorneys can help you structure your nonprofit, assist with incorporation, secure tax-exempt status, and ensure compliance.
Your Legal Guide to Running a Sweepstakes Contest
Businesses can successfully market themselves to the general public or a target audience with a sweepstakes contest. This type of event typically involves awarding a prize based on chance.
Choosing to use this promotional tool is up to you, but The Browne Firm can help you understand the laws around sweepstakes so you can protect your company.
After we help you ensure that your sweepstakes comply with applicable laws and regulations, we’ll work with you to draft relevant disclaimers and contracts that can guard your company against unnecessary legal claims and future litigation.
The Role of a Business Formation Lawyer
When it comes to business formation, seeking the guidance of a business formation attorney is highly recommended. An experienced business formation attorney can provide valuable insights and assist you in making informed decisions for your business.
Assistance in Choosing the Right Business Structure
Choosing the right business structure is crucial for the success and longevity of your business. Our business formation attorneys in NYC can help you understand the various types of business entities and their implications. We will work closely with you to assess your specific needs and goals, providing personalized recommendations to ensure you make the right choice.
Preparing and Filing Legal Documents
Forming a business entity requires preparing and filing various legal documents. Our business formation attorneys have extensive experience in handling all necessary paperwork, including articles of incorporation, operating agreements, and partnership agreements. We will ensure that all documents are accurately prepared and filed in compliance with New York business laws.
Reviewing and Negotiating Contracts and Agreements
Contracts and agreements play a crucial role in any business transaction. Our business formation attorneys can review and negotiate contracts on your behalf, ensuring that your rights and interests are protected. Whether it’s a lease agreement, supplier contract, or partnership agreement, we will advocate for your best interests and help you navigate the complexities of business law.
Get Your Business Up and Running With Our New York Business Formation Attorney
At The Browne Firm PLLC, we understand that starting a business can be an exciting yet challenging journey. Our business formation attorneys are dedicated to assisting you in every step of the formation process.
With our comprehensive knowledge of New York business regulations and commitment to providing personalized service, we can help you establish a strong legal foundation for your business.
Contact The Browne Firm today to schedule a consultation with our skilled business formation attorneys in NYC. Let us be your trusted partner in achieving your business goals and protecting your interests.
