Entrepreneurs and New Businesses Lawyer Dallas, TX
If you are thinking about starting a new business or founding a startup, you will need to choose a legal structure for your enterprise before you can legally operate your business in most states. There are four primary legal structures to choose from and each has potential benefits and drawbacks. Therefore, it is generally a good idea to speak with an experienced Dallas, Texas entrepreneurs and new businesses lawyer about your business model, your startup financing situation and your vision for your business before committing to one structure over the others. After the experienced legal team at Brandy Austin Law Firm, PLLC learns about your needs and priorities, we can advise you of your legal options and help you to select the legal structure that will work best for your new business.
Choosing a Legal Structure for Your New Business
There are four primary legal structures to choose from when forming a new business. An experienced Dallas, TX entrepreneurs and new businesses lawyer can advise you of the potential pros and cons of each option as applied to your specific business model. These structures include: sole proprietorships, partnerships, limited liability companies, and corporations. In a nutshell, corporation structures are used most often by larger enterprises focused on broad growth and fundraising through the sale of securities. Corporations have a strict management structure and are beholden to stock holders. On the opposite end of the spectrum are sole proprietorships (run by single owners) and partnerships (run by more than one owner). These structures have a very flexible management structure and are taxed on the personal returns of their owners. The “middle ground” of legal structures are LLCs. Limited liability companies have a relatively flexible management structure and may be run by one or many owners (called members). The major benefit associated with choosing an LLC structure is that this model gives members a personal liability shield. That shield keeps business-related creditors from coming after the personal wealth of the company’s members in the event that the business cannot meet its debts, government fines, taxes, legal judgments, etc.
Legal Guidance Is Available
If you are starting a new business, please consider scheduling a consultation with an experienced Dallas, TX entrepreneurs and new businesses lawyer today. In order to ensure that you have met all legal requirements for the formation and registration of your business, you will benefit from speaking with our team. We have helped many entrepreneurs turn their visions into reality. Our team of Dallas, TX entrepreneurs, and new businesses lawyers would be more than happy to help you protect your business’s interests and your personal interests as you navigate the exciting transition from visionary to business owner. We look forward to taking your call.