There are many things to think about when you’re starting a business, and getting certain things wrong can cause you serious issues down the line. Talking with a Plano, TX business attorney can help you avoid these problems and ensure that your business gets the right start for a bright future.
How Can a Plano, TX Business Attorney Help With Business Formation?
1. Helping You Decide on Business Type
Deciding what type of business you want is one of your biggest decisions and will affect everything from taxes to your liability. The simplest type of business is the sole proprietorship, where you are the only owner and all profits pass to you. All company debts are also your responsibility. This is simple, but it also comes with some tax concerns and can leave your private estate open to liability. There are more complex structures available, such as limited liability corporations (LLC), partnerships, and more. A lawyer can help you decide which one is actually best for your future.
2. Keeping You Legal From the Start
There are plenty of Texas and federal laws that you have to be wary of when you start a business, as well as other issues you might not even have thought about. For example, once you pick your name, you have to make sure that no other company is already using it or anything that is so close to it that there could be confusion. This requires a careful search, which an experienced business lawyer can help you with. Your lawyer will also keep you on the right side of all state and federal laws and will help you with county and city permits, zoning ordinances, and license requirements.
3. Setting You Up for Tax Success
The IRS is never easy to work with, so bringing in a lawyer at the beginning helps you get set up for success when it comes to taxes. If you’re going to pay any wages, you’ll need to get an Employer Identification Number (EIN) from the IRS, and this can be a time-consuming process. There are plenty of hoops to jump through, and a lawyer can get you through them while you concentrate on dealing with your business itself. The type of corporation or partnership that you have started will have a big influence on how your taxes are calculated, so it’ll be a good idea to have a lawyer not only help you form your business but also deal with at least your first tax filing to make sure everything is done correctly and you don’t have any unpleasant surprises.
Talk With An Attorney Today
Even if you’re not sure what you want to do yet, talking with an attorney can help you solidify your plans and take the right steps for the future of your business. Call or visit us today at DeCandido & Azachi in Plano, TX to set up a consultation, and let’s get you set up for success. We also serve clients in Forest Hills, NY.
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