Begin with Business Formation Advice from
Colorado Business Attorney Elizabeth Lewis
There are many ways to start a business, but the right way is to talk with a business lawyer about your company’s legal structure, your company’s tax structure, the legal paperwork required to get started, and the basic contracts you will need in order to do things like hire employees or enter into agreements with new clients. Colorado business attorney Elizabeth Lewis has worked with hundreds of small businesses and can provide you with business formation advice when you decide to start a new business.
Selecting the Legal Structure of
Your New Company
While any serious entrepreneur knows the value of a well written and thorough business plan, that plan can only serve as a road map to the future if it is built on the solid foundation of a well thought out legal structure which includes the correct business formation documentation. You may need to file with the State of Colorado, the IRS, and depending on the nature of your business, other state and Federal agencies. Choosing your business structure has implications for ownership issues, such as disputes between owners, whether you have limited liability, and how your company is seen through the eyes of the law. After you choose the business structure, you will have documents that outline the owner’s rights and responsibilities. The documents that you enter into between yourself, the company, and the other owners can have long lasting effects. Having discussions about your visions for the future with someone experiences writing these documents can make the difference between a successful company and a failing one.
There are several ways to structure a for-profit business: Sole Proprietorship, Partnership, Limited Liability Company (LLC), Benefits Corporation or Corporation. If you are already operating and wondering if the structure you chose was the right one for you, you may want to speak with a Denver business lawyer about whether converting your current business structure into something more appropriate for your needs going forward should be done. If you haven’t selected a business structure yet, make sure you speak with a small business attorney before you do.
Selecting the Tax Structure of
Your New Company
Just as important as selecting your legal structure is selecting your tax structure. Many people think your legal structure and your tax structure are the same thing; however, they are not. Your legal structure affects how you are treated if something happens to your company legally (for example your business is sued or there is a dispute among owners). Your tax structure is how your business is treated for tax purposes and whether you pay owners as employees or through distributions.
There are several ways to structure your business for tax purposes: Sole Proprietorship, Partnership, S-corporation and C-corporation. While it is best to be set up correctly from the start, even if you are already operating and wondering if the structure you chose was the right one for you, you may want to speak with a Denver business lawyer about whether converting your current tax structure into something more appropriate for your needs going forward should be done.
Review Contract Laws
Startup business contracts can include operating agreements, franchise agreements, leases, vendor agreements and more.
A Colorado business attorney can help you cover your bases.
Contract Law and Your New Company
A Colorado business lawyer can also help you with the basic contracts you will need as you begin and expand your new company. Contracts are legal documents; if you wind up in court over a contract, you will want your attorney to have read and or written most contracts you entered into. While you may not need a fifteen page document for the guy who delivers your catered lunch or your ten year old who does filing for you, you do want to have any contracts that impact your business reviewed. While the dollar amount may seem like the biggest factor in whether to have a small business attorney review your contract, there can be lots of other issues which make even small dollar contracts an issue such as when they include intellectual property issues. While it is important to have the help of an attorney when establishing the legal structure of your company, it is just as important to make sure the contracts you enter into don’t place you in a legal bind.
Get Advice Before Starting Your New Business
Getting advice on how to best start your business can position you for the best tax advantages available in your specific situation, and keep you out of trouble later on, as your business grows and changes. If you are starting a new business in Colorado, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Business Lawyer. Phone: 720-258-6647. Email: email@example.com
Multiple Ways to Serve You
The Law Office of E.C. Lewis, P.C. understands that not all business owners can take the time out of their busy schedules to come to an office, appointments are available by phone, online, and through video-conferencing for those individuals who are on the go. Contact the Law Office of E.C. Lewis, P.C. today to schedule an appointment!
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Law Office of E.C. Lewis, P.C.
Your Denver Business Attorney
501 S. Cherry St., Suite 1100
Denver, CO 80246
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