What To Consider Before A Business Startup
Starting a business in North Carolina can be overwhelming. In addition to all the planning you have been doing, you need to decide on the type of business entity you will form. Our attorneys at Lanier Fountain & Ceruzzi can help you find the right entity for your goals. Some important questions to consider are:
- Do you have any business partners? How many?
- Do you want your partners to be owners with you?
- How easy is it for a partner to leave, if needed?
- How much personal liability should you have in the company?
- How costly and complex will the startup be?
We will help you think through the impact of each of these answers. We are highly knowledgeable in business formation and operations so we can help you properly form an entity that aligns with your vision for the company.
We Will Discuss The Benefits Of Your Options
Some common entities our clients choose include LLCs, partnerships and corporations. LLCs are a good choice if you have multiple business partners and do not want personal liability in the company. Partnerships are flexible entities with tax benefits to the owners and the company. Different types of partnerships affect the level of liability. Corporations protect owners from liability and they offer a lot of room for growth.
Each entity also has its drawbacks. To truly determine the best business move, we recommend a consultation with a business law lawyer to discuss your situation and create a long-term plan for your company’s life. We provide ongoing services after you have formed your business so that legal support is always just a call away.