McBrien & Kane
The official blog of McBrien & Kane, a Lebanon, Tennessee law office.
LETS GET YOUR NEW BUSINESS STARTED
What do you do now? It is really tough dealing with a lay off or just the insecurity of your job. What are my options? Or you and your friend may have a great idea or a special skill set that is very valuable. You just want to start making money and be on the road to security.
Now what? Do we really need to call a lawyer? What about just getting some forms from that company that advertises on the radio? Those forms will surely cover what we need to get started. Whether you live in Lebanon, Nashville, Chattanooga, Memphis or any where else in Tennessee take a few minutes and talk with a business attorney.
As business lawyers in Lebanon, Tennessee don’t get a lot of calls from people who have won the lottery and want advice on how to spend their winnings. We get clients who want to do it right from the start or those that didn’t and have real problems.
When you start that new business you need to consider what type of business structure you need for the company.
Establishing a limited liability company (LLC), a corporation (Sub.S or C), a limited partnership, a partnership or a sole proprietorship are considerations that must be made at the very beginning. The type of business you are starting can expose you and your family to liability and financial exposure. Depending on the structure chosen then what do you do about the documents that you need that puts in writing your agreement. Depending on the type of business and its structure there can be several documents that can make or break your business in the long run.
What about an exit strategy? How do we divide the work loan and the profits? How gets to write checks? Do we need agreements with employees, independent contractors, and potential customers?
Lawyers like it when clients have not taken short cuts. Or companies are getting ready to be bought out but their structure and records are a wreck. Or they have been sued personally exposing everything they own because of their short cuts. The love has left the partnership and neither can stand the sight of the other. Set up the business right from the start and reap the benefits with peace of mind.
Spend some time and talk with a lawyer.