Many Americans have always dreamed of owning their own business. It has been part of the American story – to succeed in business ownership and leave a successful legacy for future generations to carry on. But the legal issues that arise when you decide to go into business, whether with friends, family or investors, are complex and require careful consideration.
It is impossible for me to stress enough how important it is to seek legal council before entering into any type of business arrangement with any individual from family, friends or investors. It is important to understand what the best arrangement is under the circumstances and what the best interest is of all parties involved. In some cases, the best legal advice might be to avoid a particular business venture.
In the old days, a handshake meant something; but in today’s world, unfortunately, that honorable way of closing a deal seems to have vanished. All business owners need expert guidance in taking stock of all the potential scenarios that can arise. For any prospective business owner, three things are paramount: a competent attorney to advise, a CPA or tax consultant to determine what is the best type of entity that should be structured for the beginning of the business, and a relationship with a banker. The absence of any one of these three key elements, and, of course, being without proper capitalization to establish that business, the inevitable result will be financial devastation. Whether it’s forming a sole proprietorship and limited liability corporation, a Sub-S Corporation, C-Corporation, joint venture or whatever, it is my job to advise you properly to what is in your best interest.