Minnesota Small Business Lawyer
When you own a small business, it is important that you make the right decisions. The business world is a competitive place, which means the wrong decision can be devastating. Any time you are in doubt, it is best to consult with your Minnesota small business lawyer to ensure that you are making the right move and to also ensure the legality of that move.
When you establish a business, you choose a business structure. The structure you choose determines the type of income tax you file and also determines the level of personal risk you have. The business structures are as follows:
- Sole proprietorship – You are the sole owner of the business
- Partnership – Two or more people contributes to the business
- Corporation – Prospective shareholders exchange property and/or money for the corporation’s capital stock
- S Corporation – Corporate income, losses, credit, and deductions are passed on to shareholders for tax purposes
- Limited Liability Company – Owners have limited personal liability for the actions and the debts of the company, which is similar to a partnership
As you can see, the structure can depend upon how much personal risk you wish to have involved and whether or not the company will be publicly traded. Your Minnesota small business lawyer can advise you as to what structure would be the best for your business and the requirements for each.
Creating a business can be difficult because there are so many legal aspects to it. For instance, you need to have policies put in place and you have to ensure that your business practices are legal. That way you can avoid being sued for the way in which you conduct business or for the policies that employees must follow. You can also ensure that any leases are legal by having your lawyer look over them and can have your attorney review any vendor contracts and contracts that you create. This ensures there are no loopholes that could ultimately cost you money.
Contract negotiation is another area in which you may need assistance. Your attorney can review the areas of the contract in dispute and help you negotiate terms that work more in your favor. Many times, clarifying terms can work in the favor of all parties because any questionable terms can result in issues in the future. It is best to not accept a contract as it is because you could risk legal ramifications later. Once the contract is negotiate, the terms altered, and a new contract drawn up, all parties can successfully conduct business.
Contact A Minnesota Small Business Lawyer
Whether you’re starting a small business, need your business reviewed, or need help with negotiating contracts, you have an attorney who can help you ensure sound business practices and decisions. To find out more about how the Liebmann Law Office can help you, call 952-882-1227 to schedule your free 30 minute phone consultation.