Whether purchasing an existing business or starting a new one, owning a business should be fulfilling and rewarding. But, there are many risks in running a business and these need to be minimized. An experienced New Jersey business attorney will help you do this.
Proper Business Formation
It’s your business. Your new endeavor must start off strongly with the formation of the proper legal business entity such as a limited liability company or a corporation. A properly selected entity will protect your personal assets from the risks and liabilities of the business. Then, in order to maintain this protection, your business operation must follow best practices. If you “wing it”, or take advice from a non-lawyer, you may lose these personal liability protections, defeating the very purpose of forming your entity. These questions of law are too important to ignore or placed into the hands of someone not skilled in the law. It’s your business. This is not a place to cut corners or take risks.
Acquiring Assets and Due Diligence
Starting your business may involve purchasing an existing business, purchasing assets, or buying or leasing real estate. You may also be required to comply with regulatory, franchise, or lending requirements. Specific, written contracts should be negotiated with representations and contingencies that allow meaningful due diligence and protection from unfair competition, liens, and past liabilities. Closing requirements should be diligently met to avoid unnecessary delays. Leases should have reasonable limits, such as with respect to personal liability and maintenance. No matter what transactions are necessary to start your business, targeted legal guidance is important.
Business contracts will be a routine part of your business. You may have contracts with customers, independent contractors, employees or suppliers. If you are regulated by municipal or state regulation, your contracts may be required to contain certain language. If you do not, there may be serious consequences. Some contracts may need to reflect your business practices. Waivers may be appropriate in some cases or unenforceable in others. Keep in mind that form contracts purchased online often omit important terms specific to your state, license, or specific business operations and you and your business may suffer the consequences. In order to protect your livelihood, an attorney can review regulatory requirements and create a useful contract form which meets the legal requirements and specific needs of your business model and your trade. Your attorney should also be contacted when legal agreements are proposed or modified during the course of business.
Our New Jersey Business Attorneys Can Help
A smart approach to business involves maximizing the rewards of your business while minimizing the risks. Hiring a New Jersey business attorneys with knowledge of business and contracts is important.
You don’t know what you don’t know. Disputes are more likely when a business is not properly advised, and the costs of litigating liabilities are typically exponentially larger than the costs of minimizing risks through proper business formation and contracting.
With the assistance of an attorney, you can proceed with your new business with increased confidence and protection. It is important that you hire an experienced business attorneys who gets to know you and your business.
The attorneys at Shanahan & Voigt are experienced business and contract attorneys, including representing businesses subject to regulatory requirements.
The new federal tax law creates a business income deduction of twenty percent for small businesses. This is a tremendous help to small businesses, particularly in New Jersey. But for limited liability companies which have elected
Limited Liability Companies are the most popular business entity used in forming any new business. This is because of its flexibility, tax friendliness, and protection of personal assets from business liabilities. They are easily set