Business Formation

Need for an Attorney when Organizing Business

Most people recognize their need for legal counsel in organizing a new business. There are many decisions required and various alternatives available in the formation process.  Many analogize it to a series of crossroads leading in different directions: One wrong turn and you may end up at a different destination than intended.  Our first goal is to determine your initial objectives as well as your exit strategy.  We may need to consult with your other professional advisors – like your accountant, banker  or lender to determine any special requirements they may feel are necessary or required.  Our goal is to meet your immediate needs, get you to your ultimate destination consistent with your exit strategy – whether it is go public through an IPO,  make it a family business to be passed down through the generations or to exit the business by sale or merger.

The first step is to select the right business entity

The most common forms for carrying on a business are:

• Sole proprietorship;

• General partnership;

• Limited liability partnership (available only to accountants, attorneys, architects, engineers and land surveyors);

• Limited partnership;

• Limited liability company;

• Corporation (including various kinds of corporations—statutory close corporations, professional corporations, S corporations, flexible purpose corporations and benefit corporations).

We help you make the determination of which form of business entity best fits the management, capital structure and ultimate goals in light of the particular circumstances presented, taking into account the various tax and nontax considerations affecting the choice of entity.