How an Attorney Can Help with Business Formation
Consulting an attorney in Glen Burnie is an essential first step toward forming your business. An attorney can help you work through key questions that inform the structure of your new company. For example, he or she can help you determine whether a partnership, corporation, s-corporation (S-Corp), or limited liability company (LLC) would be more beneficial. An estate attorney can also help you consider how your estate planning needs may change after you open your doors for business, considering life insurance policies to pay debts of the business, buy-sell agreements with business partners in case one partner predeceases the other, and a partnership agreement. Another reason why you should develop a good working relationship with an attorney while your business is still in the planning stage is that your lawyer can help you strategize the resolution of future disputes, such as by going through mediation or making sure your attorney fees are paid for by the customer if you ever need to sue a customer for non-payment.
Businesses are often affected by federal, state, and local compliance requirements. For instance, if you plan to hire employees, your lawyer can walk you through the process of developing a written workplace discrimination/harassment policy. If you plan to offer your employees retirement benefits, you’ll need to provide required notices to you employees and submit certain governmental filings. An attorney can help your company remain in full compliance.