Tips to Choose a Law Firm for Small Business

1. Important Types of Business Law

2. Continue... Business lawcovers all aspects of a trade from the registration of business to hiring employees and selling goods across the globe. A business may need a lawyer to help with the relevant terms of agreement and sales and present them to the other parties. When a company wants to bid for tender or have a project, the lawyer needs to come up with various proposals to present to the other parties. 

3. Sole Proprietorship A sole proprietorship is one of the most popular business types, namely because it’s one of the simplest and only requires a single person to create. An important thing to note is that there isn’t a legal or financial distinction between the business and the business owner, which means that you as the business owner are fully accountable for all of the profits, liabilities andlegal services that your business may encounter.

4. Partnership If that’s the philosophy behind your business structure, then a partnership might be the best choice for you. A partnership might be appropriate if your business is owned by two or more people. Keep in mind that with this type of business, business responsibilities, including financial and legal, fall upon each business owner. 

5. Limited Partnership A limited partnership, or LP, is an offshoot version of a general partnership, and while it may not be as common, it’s a great bet for businesses who are looking to raise capital from investors who aren’t interested in working the day to day aspects of your operations.

6. Corporation A corporation is a fully independent business that’s made up of multiple shareholders who are provided with stock in a business. Most common is what’s known as a “C Corporation,” which allows your business to deduct taxes much like an individual – the only problem with this is that your profits will be taxed twice, both at the corporate level and at the personal level.

7. Limited Liability Company (LLC) Next on our list of business types is a Limited Liability Company, better known as an LLC. An LLC is a newer type of business that is a blend between a partnership and a corporation. Instead of shareholders, LLC owners are referred to as members. 

8. Nonprofit Organization A nonprofit organization is pretty self-explanatory, in that it’s a business organization that’s intended to promote educational or charitable purposes. The “non-profit” aspect comes into play in that any money earned by the company must be kept by the organization to pay for its expenses, programs, etc. 

9. Cooperative The last on our list of seven popular types of business is what’s known as a cooperative, or a business that’s fully owned and operated for the benefit of the members of the organization that uses its services. Many times, startup owners think that they will learn the legalities as the company progresses, but once things become hectic, many legal issues may be overlooked or forgotten. 

10. More Information www.handelinlaw.com Email: info@handelinlaw.com Address: 1000 N. Division Street, Suite 201 Carson City, NV 89703