Starting a business requires a lot of things – a great idea, subject matter expertise, capital, and a sound plan to name a few. With 31.7 million small businesses in the U.S., there’s no shortage of entrepreneurial spirit. But beginning a new business often requires legal insight, which most business owners don’t have. Whether a garage startup or a well-funded enterprise, businesses need the guidance your firm can provide to navigate the legal trails ahead.
Forming a new entity
It starts at the beginning: As a company is formed, legal decisions are made regarding its business structure. Deciding among an LLC, a sole proprietorship, or a corporate structure can have immediate and long-term implications on your client’s taxes and liabilities. You can explain the legal obligations and the framework for each type of structure. You can also help register the business (if needed) with any necessary licenses and approvals. As a trusted legal professional, your advice to new business owners can reassure them they are making the right choices for the health of their companies as they grow.
Employees vs independent contractors
A business’s workforce is one of its most critical assets. An important decision for your client is whether to hire employees or use independent contractors. It’s an important legal distinction, and it dictates different legal relationships. The dedication and development of employees are instrumental to growing a business but come with the cost of such...
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