Starting a business can be a difficult and stressful endeavor that comes with many potential and legal risks. Beyond the struggles of formulating a viable business plan and obtaining financing, the legal issues surrounding the selection of the appropriate legal entity, along with ensuring compliance with federal and state business laws, can be challenging and confusing. For prospective business owners who are considering starting a business, consulting with an experienced Akron business formation attorney at Niekamp, Weisensell, Mutersbaugh & Mastrantonio, LLP prior to starting your business is essential.
An attorney can provide guidance with basic business formation issues, such as business name selection, legal entity selection, document preparation, and filing. Several types of business organizations, or legal entities, are available for prospective business owners, such as:
Each type of business organization has its own type of legal issues, financial issues, tax advantages and disadvantages, and operating issues, which is why an Akron business formation attorney should be consulted prior to selecting and forming a business.
Beyond selecting the legal organization for a business, an attorney can assist a prospective business owner with other start-up issues, such as compliance, employment policies, and operating agreements. Along with this, an attorney can help a business owner comply with employee requirements under federal and state law such as employee verification, tax issues, and Ohio’s mandatory worker’s compensation insurance.
Additionally, an attorney can assist with preparing employment agreements, partnership agreements, vendor agreements, and non-disclosure agreements.
An operating agreement is recommended for a business organization that has multiple owners or partners. An operating agreement is an internal document that determines the powers and responsibilities for officers in the organization, outlines the composition of a board of directors or managers, and sets up a chain of command and succession rights. Along with this, an operating agreement could also be used to set up both a business plan and a partnership plan.
After a business is formed and financing is obtained, the next logical issue that arises is the hiring, retention, and management of employees. Well-drafted employment agreements can dictate the terms and conditions of a person’s employment, and the party’s mutual obligations after employment ends, such as non-compete agreements and non-disclosure agreements. Because of the legal complexities surrounding operating and employment agreements, an Akron business formation attorney should be consulted in order to ensure their proper preparation and implementation.
Consulting with a business formation attorney prior to forming a business can reduce some of the stress and confusion regarding the legal issues that often arise in the business formation context. Additionally, an Akron business formation attorney at Niekamp, Weisensell, Mutersbaugh & Mastrantonio, LLP can provide assistance with other start-up issues, including operating agreements, employment agreements, and business entity selection. To schedule a free consultation with an experienced business formation attorney, please contact us today for more information.
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