BUSINESS FORMATION ATTORNEY IN GRANITE BAY, CALIFORNIA
A U.S. Census Bureau report on business formation statistics indicates that 3,238 business applications were submitted in Placer County, California in 2019. While establishing a new business can be an exciting journey, starting off on the right legal footing is crucial to mitigate damages or losses and protect yourself from personal liability. If you are planning to start a new business, consulting with an experienced California business law attorney is important for proper guidance.
Establish a strong legal foundation for your new company by choosing the right firm to help with your business legal needs. At Katz Business Law, I’m committed to providing experienced and comprehensive legal guidance to local business owners and new entrepreneurs in the legal matters of business formation. I’m available to discuss your business goals and help you understand your needs. As your legal counsel, I can walk you through every phase of the business formation process and determine the best way to protect yourself from potential liabilities.
My firm, Katz Business Law, is proud to serve clients throughout Granite Bay, California, and the surrounding communities of Rocklin, Folsom, Roseville, and Auburn.
Choosing a Business Structure
When starting a new business, choosing a structure or entity type is critical. Depending on your business needs and goals, here are some common business structure options to choose from:
Sole Proprietorship: This is the most basic form of business organization. In a sole proprietorship, the business owner or sole proprietor manages the business activities, receives all profits, and pays the taxes. However, both personal and business assets will be exposed to potential liability.
Partnership: This involves an association of two or more people serving as business co-owners, having a common goal of making profits. Partners may be held responsible for liabilities, debts, and actions of the partnership.
Limited Liability Company (LLC): By limiting personal accountability for company liabilities and debts, an LLC offers its members corporate protection. It remains the most common structure used by small businesses.
Corporation: A corporation is a legal entity that offers sufficient protection to shareholders, officers, and directors. In the event of corporate liabilities, debts, or negligence, only the corporation will be held liable. Corporations have higher administrative costs and strict tax requirements.
Establishing the Contracts
No matter the product or service you offer, establishing the necessary contracts is important. Some common start-up contracts to draft include:
LLC operating agreements
Releases of liability
An experienced business formation attorney can draft or review your contracts, help you understand the wordings and contents, and help mitigate potential disputes.
Why Sound Contracts Are Important
A properly drafted contract can offer you and your business the following benefits:
Avoid potential contract disputes, conflicts, or litigation, and mitigate risk
Clarify business agreements, relationships, and rights of parties
Prevent errors or misinterpretation in both agreements and communications
Establish how disputes will be resolved through mediation, arbitration, or litigation
Generate revenue and increase operational efficiency
Extend the brand and values of your business
Protect real property, intellectual property, and asset values
Filing Required Taxes
Your business entity determines the taxes you may need to pay. As a business owner, some common taxes to file include income tax, property tax, sales and use tax, employment tax, and excise tax. You may also need to obtain your federal and state tax ID numbers to file your taxes.
Applying for Licenses and Permits
Depending on your industry, you may need to obtain licenses and permits for your business to operate legally from both federal and state agencies.
Business insurance provides protection to business owners from the unforeseen costs associated with running a business. You can also protect your business from potential liability and debt with the right business liability insurance policy.
Choose an Experienced Attorney
Forming a new business in California involves several complexities. Choosing a business structure, establishing legal documentation, filing required taxes, and applying for licenses and permits all require proper guidance and assistance from legal counsel. A knowledgeable California business law attorney can offer you the detailed guidance you need to make critical decisions.
At Katz Business Law, I offer dedicated legal services and representation to clients in business formation matters. As your legal counsel, I will work with you to understand your business’s needs and goals. Using my extensive knowledge and experience, I will advise you on your business structure options and set your business up for success. I can guide you through every phase of the business formation process from start to finish.
BUSINESS FORMATION ATTORNEY SERVING GRANITE BAY, CALIFORNIA
If you are starting a new business, contact my firm — Katz Business Law — today to schedule a one-on-one consultation. I can offer you the comprehensive legal guidance and advocacy you need to navigate the early development stages of your business. I proudly serve clients throughout the areas of Granite Bay, Rocklin, Folsom, Roseville, and Auburn, California.