The opening and the closing of a business are monumental steps, which should be taken with the advice of an attorney. Businesses can be formed as corporations (S-Corp or C-Corp), limited liability companies (LLC), and/or partnerships. While the selection of the business entity will depend on various factors, such as tax considerations, the goal is also to shield the owners from individual liability. You want to protect the individual assets of your family from the startup of a business.
Many considerations must be reviewed with a new company before the doors open for other concerns such as the type of entity, number of owners, structure of the ownership and the domicile of the business.
The owners of the business and their relationships should also be considered. The operating rules of the entity must clearly spell out how everyone is to interact and how decisions are to be made. The numerous factors and considerations at startup must also be addressed if the doors happen to close. The business will need to be closed effectively and appropriately with creditors, debtors, lenders, taxing authorities and between the owners.
We also assist in lender negotiations with financial institutions before, during or after a business is operating. By working with an attorney at the forming and dissolving of the business, legal situations can be avoided.