Starting a New Business? Don’t Overlook These Things.

For some people, few things are more rewarding than owning and operating their own business. Entrepreneurs must ensure, however, that their business has a proper legal foundation before it takes off. One of the first major decisions a business owner must make is what type of legal entity they want their business to be. The selection of business entity, be it a corporation, S-Corp, LLC, partnership, or nonprofit organization, can have important impacts on both the business owner’s personal liability for mistakes of the business or its employees, and income, sales, and payroll taxes. For some, a corporation offers the growth potential that they desire for their business idea, while others prefer an LLC or partnership for its flexibility and limits on liability for the owners. A business owner needs legal counsel before the business starts operating to ensure that personal interests (and assets) are protected. Beginning with the proper formation and formation documents can pay huge dividends in the future. Assistance with registration with all necessary Federal and Indiana regulatory agencies, and continued assistance with government compliance for a variety of industries -including advertising, transportation, and professional services – names just a few of the services small business clients may need in keeping their business up and running. Proper registration and compliance monitoring serves to prevent unnecessary costs, expenditure of time, and headache down the road. Small businesses also need to ensure that their employment, sales, and leasing contracts are in compliance with law and fit their particular needs and wishes. A well-crafted contract that protects your specific legal interests, including non-compete clauses, can help avoid unnecessary court battles or disputes in the future. If you’re interested in starting a small business or are seeking assistance with a business that is already ongoing, contact us to find out how our attorneys can help get your business moving forward.