Make sure your and your assets are protected when doing business
One of the most important steps in starting a new business is ensuring that you have adequate liability protection. Protection can take various forms, such as insurance policies, but the first major step you should take is to form a separate legal entity.
Failing to establish a separate legal entity can open you up to lawsuits and your personal assets to claims of creditors. Additionally, creating a separate legal entity, together with formal documents like an operating agreement or shareholder agreement, create the confidence and predictability investors or financers look for when establishing a business relationship.
Our firm has extensive experience setting up businesses with different "vehicles" and can help you understand the various corporate structures available to select. What basic protections you should be seeking given your intended industry, how these and other factors may be best for your individual needs, and how these different structure affect your taxes are all questions we are ready to help you answer.