Setting Your Business On A Firm Foundation
Your business model matters. Ultimately, when you set your foundation on firm footing, your business has a higher probability of long-term success.
Business formation includes:
- A business plan – What it is, who it benefits, benchmarks for measuring success
- Risk analysis – Market saturation, costs versus potential income
- Choosing an entity – Corporation, limited liability company, partnership, sole proprietorship
- Drafting contracts – Vendors, sales, real estate and equipment leasing, employment
- Employee policies – Ensuring compliance with state and federal labor laws if you have employees
- Tracking – Measuring income, expenses, new ideas
- Intellectual property – Naming your business, creating and protecting your trademark, logo, or original content
- Marketing – Word of mouth, internet, billboards
- Handling disputes – Learning to manage the inevitable legal disputes
The list could go on because when you are forming a business, you will also have to consider insurance coverage, banking, accounting and investing.
At Fridman Law Firm PLLC, we help you to make informed choices so your entrepreneurial energy can soar to new heights. We will be at your side from the ground floor on up and even when that inevitable dispute arises.
Understanding Tax Benefits And Liability Protection
Your choice of business entity is going to make a significant difference in the type of taxes your business will be responsible for paying and for your personal liability. Generally, business models include:
- Unincorporated business model – Sole proprietorship, general partnerships
- Incorporated businesses – Limited partnerships, C corporations, S corporations, limited liability companies
A standard C corporation, for example, will be held liable for federal taxes on its profits. In comparison, the earnings for a limited liability company (LLC) will pass-through directly to the owner(s) who are then responsible for the federal taxes at their individual earnings rate. But the Internal Revenue Service (IRS) allows for LLC taxation flexibility. Before establishing your business entity, it is best to discuss the myriad tax benefits and liability protection the various types of entities offer with an experienced business law attorney.
Call Us Today To Discuss The Architecture Of Your Business
At Fridman Law Firm PLLC, our team will provide the information you need to make sound choices for establishing an entity that will serve your business goals. Email us or call our office in New York City at 212-262-9823 for an appointment to turn your business idea into a tangible plan.