So you are finally going to do it: start your own business. Before doing so there are many things to consider. For example what type of business entity are you going to be, i.e., sole proprietor, partnership, Subchapter S corporation, C corporation, limited liability company, limited liability partnership, professional corporation, or non-profit corporation? Do you need by-laws or an operating agreement? Do you have a business plan? If you don’t have a business plan, plan to fail. Have you done any trademark planning? What filings are necessary? You need an experienced attorney to navigate you through what appears to you to be unchartered water.
Once you have determined the type of business entity you want to be, you will need to establish relationships with suppliers. This requires entering into contractual relationships with sellers of products and/or services. You will need an experienced business attorney to review and draft contracts and assist you in negotiating contractual terms.
If you are a non-profit organization, you need an experienced attorney to draft your Articles of Incorporation so they meet the requirements of the Internal Revenue Service (IRS). In addition, you will need to register your non-profit organization with the Secretary of State’s Charitable Registration office. Of course, you will want to obtain non-profit tax status from the IRS. This requires filing a 501(c)3 application with the IRS. Before filing for exemption status, you will need to draft by-laws, which govern the operation of the organization. An experienced law firm, like the Moore Firm, will draft the by-law clauses necessary to meet the requirements of the IRS, so you can obtain your tax exempt status in the shortest amount of time. These complex considerations just skim the surface of starting your own business.
Make an appointment to discuss your business venture with us. We will walk you through the legalities and practicalities of starting, operating and sustaining your business.