Recent statistics on business formation are promising: According to the New York Times, emerging markets are currently bouncing back from a six-year slowdown. However, if you are thinking of starting your own business, this doesn’t necessarily help calm your nerves, given how taking that initial step to start your own company can still come with its fair share of anxiety and uncertainty.
To this end, working with a checklist can often help provide some structure to where you want to go with your business. That being said, the next step is working with an experienced business attorney to ensure that your company gets off the ground in the right way and in compliance with both federal and state law.
Your business plan is your roadmap or blueprint. It should not only outline your future plans, but include the specifics, such as financial projections, company description, market analysis, and any other relevant information. Business plans can also be helpful if you are seeking a business loan or other financing for your business.
There are numerous expenses that come with starting a new business. Some of these include rent, salaries, materials, and regulatory fees, amongst other costs. Most business startups get off the ground with a bank loan, however, today there are additional options, such as crowdfunding campaigns and related options. You will want to work with an experienced attorney with connections to financial experts in order to understand what your options are and all the potential financial ramifications that come with those options.
Do you want to start out by running your business from home, or do you need an actual physical location if you are working in retail, etc.? Discussing the pros and cons of your options—especially when it comes to particular tax benefits—can be especially helpful in figuring out this basic first step.
Taxes & Registration
Registering with local, state, and federal tax authorities is another important to first step in order to ensure that you are operating in compliance with the law from the get-go. You will need to work with an experienced local business lawyer in order to ensure that you don’t end up with regulatory violations and subsequent fines.
Do you want to form an LLC, partnership, joint venture, sole proprietorship, or operate as an independent contractor, etc.? This is where your business attorney can help advise as to the pros and cons of each classification and what makes the most sense based on what you are specifically looking to do.
Experienced Business Formation Attorneys Serving Birmingham, Mobile, and Surrounding Areas
Working with an experienced business entity/formation and litigation attorney while forming your business is crucial. It can make all the difference in terms of avoiding expensive mistakes and dealing with the subsequent liability as a result.
If you have any questions about business formations, the experienced business litigation and corporate law attorneys at Cloud Willis & Ellis can help. Our offices are based in Birmingham and Mobile, Alabama. We’ve helped countless small business clients navigate a broad spectrum of issues that arise during business formation. Contact us today to get started.