If you are launching a business, you need to determine the ideal structure for success. You’ve drawn up a business plan, so now it’s time to figure out the best classification for the business.
Several factors go into this decision, such as the number of owners, the industry, management and operational plan, and tax structure. Once you establish those significant factors, you may decide a limited liability corporation or LLC is the best option for you and your business partners.
Before you and your partner start up your new business, you should consider creating a partnership agreement. A partnership agreement can be a useful tool to prevent unnecessary turbulence for your business by setting out plans for how to navigate various situations that may arise. It can also be helpful in avoiding miscommunication between you and your partner.
Partnership agreements can be complicated because they aim to cover such a wide variety of possible situations. However, most partnership agreements should cover what is expected of each partner, how the profits and losses will be distributed, how ownership of the business could be affected by certain scenarios and what the protocol is for resolving disputes.
Small business owners face a number of challenges to keep up with bigger corporate competitors. Trying to meet these high expectations can feel daunting, but the success of your business is worth the added effort.
Environmental compliance comprises one set of expectations your business needs to meet. The U.S. Environmental Protection Agency monitors and regulates potential violations in order to maintain natural resources.
You’ve got a million-dollar idea, you’ve acquired the start-up funds and now you’re ready to get the gears turning to establish your new business. But wait — there’s one major factor you may not have considered.
The legal structure you choose to establish for your business has an enormous impact on the way it operates. If you have concerns about facing personal liability, it’s important to choose wisely.
Law Firm of William E. Otto
PO Box 701
Murrysville,
PA
15668
Phone:
724-519-4211
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