When you come up with a great idea for a business, you are firing on all cylinders. You envision the product or service, you identify a target market and you craft a solid message to build demand.
But some things you aren’t likely to do properly yourself and that includes the legal underpinnings of your business. These are the pitfalls of being your own business formation lawyer:
A sole proprietorship is simple, but it does not provide much liability protection. Partnerships provide joint ownership, but that can cut both ways, making you responsible for your partners’ losses. C-corporations are easy to get started but can be tricky at tax time.
There are also limited liability companies (LLCs), limited liability partnerships (LLPs) and S-corporations. Attorney Raymond Lampert can work with you to choose the right structure for maximum profitability.
You want to get to work. But if you are weighed down by legal issues such as documentation filings, naming officers, crafting bylaws, etc. Let a professional like Raymond Lampert attend to these details while you do what you’re best at.
It’s not uncommon in the rush to start up to sign important papers such as lease documents in your own name. Later on, you realize there are tax ramifications of this. An experienced business law attorney can prevent this from happening.
Unless you take steps early to protect material essential to small-business success — product ideas, production secrets, marketing language and customer information — you may find competitors helping themselves to it. Once you lose control of this information, it’s gone forever.
Businesses are subject to an enormous amount of regulation — on taxes, financing, environmental issues and more. Compliance challenges are distracting, expensive, and have the potential to shut your business down just as it’s getting started. Mistakes can lead to fines and even jail. Raymond Lampert can help you anticipate compliance issues before they become serious.
Save money, time and error. Start your business the smart way, by obtaining competent legal counsel.
These are just five reasons — there are many more. Raymond Lampert is familiar with every kind of business entity’s advantages and disadvantages. He can steer you toward the structure that makes the most sense for you.
To schedule a free case evaluation, call the Lampert Law Office, LLC in Springfield, or write to us using this email form.