Entrepreneurship is a dream for many, one that requires a high level of knowledge not only in one’s chosen field, but also in business law. As most budding business owners likely do not possess the expertise required for lawfully and successfully opening a business in Florida, a West Palm Beach business formation attorney should play an important role in the process.
One of the biggest advantages to having an attorney guide one through the formation process is obtaining a wealth of information from trademark advice to lawsuits and liability to ensure the business starts off on the right foot. Here are three of the most important considerations one should make.
1. What kind of business will be opened?
Upon initial glance, this question may seem like an unnecessary step. However, any successful entrepreneur can attest that having an idea is not equivalent to having a solid business plan. With the help of an experienced West Palm Beach business formation attorney, a prospective business owner must use his or her general idea to craft a legitimate plan for moving forward. Key considerations should include financing, business objectives, and preferred business structure, whether that is a corporation, a limited liability company, a partnership, or a sole proprietorship. The latter is undoubtedly one of the most important decisions one will make, as it impacts issues such as taxation and liability.
2. Are there any liabilities to consider?
On that note, it is critical for entrepreneurs to determine which legal limitations and obligations will affect their business. Answering this question not only aids in selecting the right business structure to proceed with, but also protects the business owner in the long run. For instance, if the company will employ others to conduct business, the employer already holds a significant amount of liability simply because the actions of others will play a role in the business’s success. Approaching the hiring process carefully and developing thorough employment contracts covering responsibilities, policies, and penalties can help protect the company and its owner. There are other liabilities one must consider as well, and enlisting a skilled attorney from the start will guarantee an entrepreneur does not overlook potential areas for concern.
3. Where will business be conducted?
Another factor that impacts liability is where the business is located. There are likely to be additional liabilities depending on the location, many related to accidents or injuries that may happen on the premises. Knowing the location will help the business owner better forecast such issues.
Answering this question also serves as an important step for getting one’s business up and running. In addition to business formation, Kelley & Fulton’s areas of practice also include real estate law. Therefore, our attorneys can see new business owners through the process from start to finish. After selecting the desired location for the company, our attorneys effectively negotiate the terms of the contract in our client’s favor.
If opening a business in Florida is a goal of yours, a West Palm Beach business formation attorney at Kelley & Fulton is here to help you achieve it. Schedule a free consultation to discuss your vision and develop a plan for executing it.