Business Formation Attorney Maryland
As a business formation attorney Maryland business owners recommend and rely on will tell you, there are many early steps all business owners should take. As a business owner who has poured time, energy, and money into your business, you deserve guidance from Brown Kiely LLP. Our lawyers take a client-centered approach to your business needs. We know that you have many questions when making decisions for your business, which is why you will want to contact our team for help.
Why is business formation so important?
As a small business owner, you may be wondering whether you even need to choose a business structure. It’s important to know that the type of formation you select is one of the most important steps required when starting your own business, no matter how big or small. The structure you choose can help protect your assets and even offer specific tax benefits and strategies and help draw investors to your business.
What types of business structures are available?
When forming a business structure, it will be critical to work with an attorney to choose the right format for your business’s needs. Before registering your business with the state, you will need to select the proper business structure. The most common types of formations business owners choose from are:
- Sole Proprietorship
- Limited Liability Company (LLC)
- Partnership
- Limited Liability Partnership
- Limited Partnership
- Corporation
- Nonprofit
- Cooperative
Based on your business, your needs can vary. Our business litigation attorney in Maryland shares that the most common structures are sole proprietorships, LLCs, and partnerships for small businesses.
What is at risk if I do not choose a business formation?
Many people often wonder if they need to form a legal business entity when starting their own business. When businesses are not registered, they are naturally considered sole proprietorships. However, this is not the typical way to start a business, and you may find it may look as though you are unprofessional or lack credibility. Not registering your business can also be risky as it will make the owner personally liable and make you vulnerable to civil claims. This can impact the success of your business and put your assets at risk.
Can I change my business structure if the needs of my business change?
Over time, you may find that the original business structure no longer fits your needs. As your business’s needs shift, it may be in your best interest to consider making a change. This may be necessary should the number of employees increase, you have a greater need for protection from liability, or you want to draw investors to your business.
What are the reasons I should consider the services of a lawyer when starting my business?
Working with an experienced business lawyer comes with a wide range of benefits. Not only can they help with starting your business, but they can also be available for situations as they arise, such as employment issues, the protection of intellectual property, breach of contracts, and more. With their assistance, they can help with preventative planning to reduce legal issues and also manage complicated legal matters as they arise.
Establishing a relationship with a law firm like Brown Kiely LLP early on will be critical. Support from a legal team gives business owners the ability to turn to a professional for guidance when facing complex legal issues or even everyday questions that may arise. Starting with a lawyer right from the start can ensure that your business is safeguarded and the risk for legal entanglements are minimal. To learn more about our philosophy, and gain access to over 20 years of legal experience, schedule an appointment with our Maryland business formation attorney to get started.
