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Duffy Law is Here to Help You Start Your BusinessStarting a business can be an exciting, but daunting task – we know, we’ve been there. When laying the foundation for what will be a long lasting and prosperous enterprise, you want to make sure that foundation is as solid as possible.
- There are countless steps that must be taken when starting a business, and having someone guide you through the process is invaluable. There are common concerns:
Do I need a business plan, and if so, how do I write it?
-How do I hire an employee?
-What kind of insurance will I need?
-How do I get financing?
-Should I sign personal guarantees?
-How should I separate my business and personal finances?
-What is my personal and business liability for activities undertaken before incorporation, and how do they change after?
The list is nearly endless. That’s why we’re here – to provide a path to a successful future.
Entity Selection: This is often among the first questions on an entrepreneur’s mind: what kinds of letter should I put after my business name? There are Sole Proprietorships, Partnerships, LLC, S-Corps, C-Corps, and more. There are practical differences in terms of liability, taxation and responsibilities that vary from state to state. We’ll ensure that the most appropriate selection is made for your needs.
Organization: Depending on your choice of entity, your business will need an operating agreement, membership agreement, or other organizational charter. You may also need bylaws, procedural guidelines and workplace policies. Every incorporated entity needs version of these – however, if you fail to write one, there is a statutory version that is substituted. What does that mean? All the rules your company is supposed to operate by are forced upon you, and hidden in some government archives.
This may seem lik a passing detail at the exciting beginning of a business, but the consequences later can be dire and the decisions made when organizing outcome-determinative. Some questions these documents will answer are:
Do you need to have periodical shareholder or director meetings?
What are the responsibilities of officers and directors of the company, and what are the consequences for failing them?
How are changes to the function and purpose of the company made?
How many share of stock are there, how can more be made, how can it be sold, how can it be bought back?
How can new owners be introduced into the company, and how can owners leave?
Generally, business owners have a great deal of latitude when deciding how to organize their company, and a very favorable organizational style can be adapted for your needs. We’ll help you understand what that might be, and to make decision for a sound future.