When you’re in the process of launching a new business, you will likely be juggling several different responsibilities and may not be thinking much about future potential scenarios.
However, the time that you spend planning and preparing for future risks and challenges is well worth it. Your preparation may help you avoid a situation that could result in costly downtime for your business or other legal headaches.
Meeting an experienced South Florida business formation attorney at the start of your venture is always a wise decision to help you prepare, and below are some questions that you may consider asking your attorney:
What type of contracts will I need for my business?
You never want to rely on oral contracts at any point in your business, even at the start. Ask your attorney about the specific contracts that you should have created for your business. You may need to create contractor and employee agreements, partner agreements, vendor agreements, terms of service, liability waivers, and a number of different other agreements for your particular business. Overlooking this crucial step can very easily lead to future legal disputes.
What type of entity should I use for my business?
Choosing the appropriate entity is one of the most critical decisions that you’ll make at the start of your venture. Your attorney can explain the benefits and disadvantages of each type of entity including tax considerations, personal liability, paperwork requirements and more. Some of the common types of business entities that you might discuss with your business formation attorney and consider include LLCs, S and C-Corps, partnerships, and non-profits.
What are my biggest risks?
Every business has inherent risks. A knowledgeable business formation attorney in South Florida will be able to explain the unique risks of your venture and how you can mitigate them. Your attorney will help you launch your business with everything required to operate it legally in your city.
You are already likely risking a great deal of capital as well as your time and effort with your business venture, and the last thing you want to do is take on additional risks that result from a lack of planning. Mark Schecter can help you prepare for your next business venture and answer any pressing questions that you may currently have. Call Schecter Law at (954)-779-7009 today to schedule a consultation.