Business Attorney | Law Office of Maritza S. Nelson, LLC

  • Home
    • Who We Serve
  • Practice Areas
    • Business Law
    • Business Litigation
    • Non-Profit Law
    • Intellectual Property
    • Employment Law
  • Bio
  • Adding Value
    • General Counsel Service
    • 7 Common Legal Mistakes Small Business Owners Make
  • Blog
  • Contact
  • Home
    • Who We Serve
  • Practice Areas
    • Business Law
    • Business Litigation
    • Non-Profit Law
    • Intellectual Property
    • Employment Law
  • Bio
  • Adding Value
    • General Counsel Service
    • 7 Common Legal Mistakes Small Business Owners Make
  • Blog
  • Contact
Schedule a Consultation

Business Entity 101

9/2/2014

0 Comments

 
Most, if not all, of the entrepreneurs I speak to are understandably anxious to start doing their “Great Business Idea.” In fact, their passion is why I love doing what I do (and why I became an entrepreneur myself). But that excitement also makes many entrepreneurs dive right in without doing some of the less glamorous, behind the scenes work. And a great example of this is not forming a business entity before launching the business. 

Properly forming a business entity can reduce your personal exposure to liabilities of the business, minimize taxes, ensure that business is being conducted efficiently, help you obtain financing for your business, and prevent misunderstandings among the various stakeholders (your business partners, investors, managers, etc.). 

So when should you form your business entity?  Since the right entity can limit your personal liability, the obvious answer is before you taken on any significant business obligations.  Before 1) signing any contracts or leases, 2) entering into any type of agreement with a third party, or 3) raising funds from others, even family and friends, you should have your legal business entity in place. While these types of relationships always start out very friendly, it’s these same relationships that will be the greatest potential source of conflict down the road. 

You can protect yourself and your personal assets by understanding the difference between having your business enter into these legal relationships versus you personally entering into these relationships. And the key to doing so is forming a business entity. So what type of entity is right for you—sole proprietorship, partnership, limited liability company, S Corporation, or C Corporation?   

Read More
0 Comments

    Archives

    December 2016
    July 2016
    June 2016
    February 2015
    October 2014
    September 2014
    July 2014

    Categories

    All
    Business Formation
    Corporation
    Employment Law
    Firm Announcements
    General Legal Advice
    Hiring An Attorney
    Limited Liability Company (LLC)
    Partnership
    S Corp
    Sole Proprietorship

    RSS Feed

Services

Business Law
Business Litigation
Non-Profit Law
Intellectual Property
Employment Law

About

Bio​
​Blog
Adding Value
Contact
​
Scheduling

Legal

The information contained on this website is not legal advice or legal opinion and should not be relied upon. Furthermore, nothing contained in this website is intended to create or establish, and does not constitute, an attorney-client relationship. 

Document Retention Policy 
Privacy Policy
​Client Communications Policy

Subscribe to the mailing list to receive useful tips for entrepreneurs and business owners.
Join Mailing List
Copyright © 2016. | 81 Mill Street, Suite 300, Gahanna, OH 43230 | 614.416.8146 | info@msnlawoffice.com
Photo used under Creative Commons from jseliger2