Business Formation and Internal Agreements


Businesses must take steps to conform to the law even before opening their doors for the first time. Organization law attorneys are consistently asked to form new entities for their clients by filing the necessary documents with the Admin of State. Clients may also need assistance finding the business entity best matched because of their enterprise.

Businesses can be formed as companies, limited liability companies (LLCs), partnerships, and other organizations. The majority of these business forms can be further custom-made to focus on the company. Examples include corporations produced as "S-corps" in order to accomplish tax savings, and partnerships formed as "limited partnerships" to allow some owners to participate as investors only.

As the selection of the appropriate business entity will rely upon numerous factors, the primary goal of most entities is to shield owners from individual liability. Operating a business that is not set up to provide limited liability means that the owners are adding all of their personal assets within reach of the business's creditors. By simply working with an legal professional at the inception of the business, this situation may easily be ignored.

Organization law attorneys are also available to draft the interior agreements that will control how a new company is managed. A common example is an LLC operating agreement. This kind of document should be selected with care, as it governs how the business owners will share earnings and losses, make important business decisions, and copy their ownership rights.

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