KEY QUESTIONS AND ANSWERS TO HELP YOU START THIS PROCESS
Whether you are an individual and the only person involved in your business or one with multiple owners, it is critically important that you select the correct legal business structure. It can affect your profitability, tax reporting, and liability exposure. The management and operational procedures are different in the various options, which are also important factors.
To help identify some of the basics in the decision-making process, Evans & Mullinix, P.A. has listed some key questions and provided answers to understand them better.
Frequently Asked Questions About Business Structures
Q: What are the typical legal structure options for a business?
A: The primary ones are:
- Sole Proprietorship
- Partnership
- Joint Venture
- Limited Liability Corporation
- Subchapter S Corporation
- C Corporation
Q: How do I know what is best for my business?
A: The experienced business attorneys at Evans & Mullinix, P.A. will consult with you and ask specific questions that will provide us with the information necessary to give you excellent advice. What you are planning and how you prefer to work will be important in the evaluation process.
Q: What is the reason for choosing one structure over another one?
A: Each option provides different types of tax treatment, liability protection, and organizational and operational approaches. Evans & Mullinix, P.A. can offer advice based on the answers we receive in our consultation with you.
Q: Why is it important to create a specific legal business structure?
A: How you are treated for tax purposes and what exposure you personally may have to liability arising from vendors, liability claims, and other items are primary reasons for seeking professional advice.
Q: What are some factors to consider when choosing a business structure?
A: There are many different considerations, such as the anticipated revenue, the number of principals involved, the type of management structure to be used, the type and scope of business, if it is a single or multiple location business, where the business is located and many more similar types of items.
Q: What if I need assistance in negotiating a lease for the business location, writing employment contracts for staff, creating agreements between multiple owners, helping with a succession plan, or other types of potential legal needs?
A: Evans & Mullinix P.A. is a firm with attorneys that practice in many different areas of the law. Because of this diversity of experience, we will be available to consult or assist you with almost any issue so your business structure can be completed promptly.
Q: What are the costs involved with setting up a business?
A: They are more reasonable than you might expect. Depending on which business structure, a variety of items will be required, so the fees will vary. However, with the fees, there will be no surprises because we can discuss them “up front” and agree upon them so you can feel comfortable that something will work for you.
Q: If I select one business structure and factors change in my business, am I locked in, or can I change at a future date?
A: The structure of your particular business may change over time. If it does, there are provisions to modify your business legally that the attorneys of Evans & Mullinix P.A. can help you accomplish.
Contact Our Firm Today To Set Up an Appointment
The business community has been relying on the skill and expertise of Evans & Mullinix, P.A. attorneys for nearly 50 years. As a result, we enjoy an excellent reputation as outstanding business attorneys. If you want your business to be on a sound legal foundation, doesn’t it make sense to choose an attorney with these credentials?
Call and set up an appointment with Evans & Mullinix, P.A. today at 913-962-8700. Now is the time to finally get started building your dream company.
