How to Start a Business
Starting a new business? One of the first things you will need to do is choose a business structure – that is, the legal form that your business will take. This needs to be listed on the forms used to register your business with the Secretary of State’s office.
It’s important that you get this right the first time. The business structure you choose is going to impact your insurance, your taxes, your management structure, and even your ability to attract financing. It is not easy to convert to a different business structure at a later date. There may be restrictions based on your location, and in some cases, you will be required to dissolve your company and start anew.
Talk with a friendly business legal advisor to ensure you understand the pros and cons of each type of business structure available to ensure choosing the right business structure for you. Attorney Tawana H. Gray will ensure you have considered every possibility before you arrive at your final decision – the business structure with just the right balance of risks and rewards, security and freedom. She has been a business owner for more than 16 years,
Key Considerations for Choosing a Business Structure
Before your visit with Ms. Gray, spend some time picturing what you would like for your successful business. Consider these things:
- Who will have an ownership interest in your business?
- Will you own it alone or with family members, as a closely held family business?
- Will you have partners? What will happen if one of those partners divorces, dies or otherwise leaves?
- Do you aspire to go public one day?
- How will your business operate on a day-to-day basis?
- Who makes decisions?
- Who represents the company?
- How risky is your business? Could you be vulnerable to lawsuit?
- How will your business be financed … when you begin … as your business grows? How would you finance an expansion?
Ms. Gray will ask questions to help you think through these and other issues involved in starting a business. Then, once you’ve chosen a business structure, she will take the next steps to start your business:
- Draft company bylaws
- Draft partnership or operating agreements
- Register your business with the state
- Get a tax ID number
- File for any required licenses or permits
- Prepare any necessary legal documents needed to seek financing
Contact a Legal Advisor To Choose A Legal Business Structure
Meet with a lawyer to start your business off on the right foot by deciding which type of legal business structure is best for you. Call the Law Office of Tawana H. Gray, PLLC, 817-270-9975 or contact us online to schedule an initial consultation.