Should I set up my new business as a limited liability company or corporation?
Choosing the type of entity for your new business depends on many factors. A limited liability company (LLC) or corporation have advantages over a sole proprietorship or partnership. The cost and convenience of administering a LLC or corporation are factors you should discuss with your attorney. A “S” corporation and a LLC generally pay no income tax, and the business profit or loss is reported on your personal 1040 tax return. Only certain corporations or LLC’s can qualify for “S” corporation tax status.
Can you help me negotiate the building lease for my business?
Yes, our attorneys will evaluate your location and needs, review the lease, and negotiate lease terms with the landlord. In addition to the rent amount and lease term, it’s important to consider the tenant’s obligations for taxes and insurance, common area or maintenance fees, parking spaces, signage and lease term renewals.
Do I need employment rules or contracts for employees?
It depends on the size of your business and if you expect to hire more workers who are not owners. Setting consistent expectations is important for any business with many employees. Our attorneys can evaluate your needs and prepare employment rules or policies. Employment agreements may be important protections for key employees.