Business Formation
Ready to launch a new venture? We will establish your new entity and provide you with the business minded legal guidance you need to launch your new business. We stand ready to help from launch to maturity
Launching a new business
Entrepreneurs are risk takers. The only way to eliminate risk in business is to stay out of business. You cannot eliminate risk. However, you can plan for the good, the bad, an the ugly to mitigate risk. Smart business requires proactive planning. Making smart decisions to mitigate risk starts with formation. Unfortunately, many business owners do not realize what matters until it is too late. That is where we come in.
We know the questions to ask and we know how to plan. There is no one-sized fits all approach when it comes to forming a new business and drafting its operating agreement or by-laws. There are many DIY or online approaches to forming a new business, but they lack the legal guidance you need to make truly informed decisions. Many online services skip the operating agreements all together. Few if any tailor them to your needs.
Working with a business minded attorney from Day 0 is a smart and low cost way to protect your future business.
Business formational legal services
How do business minded attorneys help when forming a new business? The simple answer: analysis, advice, and document preparation. Accountants, templates, and online services cannot provide legal advice or offer tailored legal support. We help entrepreneurs plan for success at all stages. However, basic formation services include:
Consultation
We will consult with you to best understand your goals and objectives. By understanding your business model, growth strategy, and any dynamic between owners, we can recommend entity structure and craft a best path forward for document creation.
Entity Creation
After our consultation, we will create the entity with the state corporation commission. In Virginia, the application is submitted online and the entity is formed on the same day. Other states processes vary.
Obtain EIN
Once we identify the responsible party and form the entity, we can obtain an EIN for your new business. We will complete Form SS-4 for your endorsement and take care of obtaining the rest.
Formation Resolution
We will draft a formation resolution to properly document our role as organizer of the new entity and your adoption of our actions in creating the entity and obtaining the EIN. You will also formally adopt the operating agreement.
Operating Agreement
A common mistake business owners make is failing to draft an operating agreement. In many cases, a written agreement is not required by law; however, that does not make it best practice. Planning for the future is important, particularly when multiple owners are involved in contributing capital and making decisions. What happens when plans change? The operating agreement (or by-laws in the case of a corporation) will either serve as the roadmap or leave you stranded.
Entity Formation Letter
We will provide a formation letter with each of your new entity documents. Our letter will advise on certain best corporate governance practices as you operate your new entity. Our goal is to help you engage in best practices in all aspects of your business.
after formation
Business formation is the first step, but attorneys can play a vital part of the long-term success of your business. Contracts are used in nearly every aspect of your business. Further, you must deal with business laws generally, employment laws, and industry regulations. Our law firm works with clients from launch to maturity providing the business minded legal guidance entrepreneurs need to excel in business.
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