Mankato Business Lawyer & Attorney
Starting a business or changing your business to ensure it is classified under the correct business structure is very important. It is your business structure that determines how you are taxed and whether or not you can be a publicly traded company. It is also a way to separate your personal affairs from your business affairs so one does not affect the other.
If you are a business owner or you are someone who wishes to start a business, working with a Mankato business structure attorney is very important. Having an attorney help you start your business means that everything will be legal and done correctly. Paperwork will be filled out and submitted correctly, all of your legal questions will be answered, and all contracts and other legal documents that you require will be drafted in a way that you are covered.
Types Of Business Structures
You and your attorney will sit together and choose a business structure based on your specific needs, business type, and other desires and requirements. Here are the types of business structures:
- Sole proprietorship – You are the only owner of the business and there is no separation between personal and business finances
- Partnership – You own the business with one or more people and all of you contribute to the business
- Corporation – You can have shareholders that exchange property or money for stock in the company
- S Corporation – The income, credits, losses, and deductions are passed on to shareholders for tax reasons
- Limited Liability Company (LLC) – The business owners have limited personal liabilities for actions within the company and the company’s debts. This is similar to how a partnership operates.
Determining the business structure is a very important part of business creation. Your Mankato business structure lawyer will make this difficult process much easier for you. Once you have your structure in place, you will need to put policies in place in which your attorney will make sure are legal. By having your attorney help you with your policies, you reduce the odds that you will be sued because of them. Any contracts or other official documents can be reviewed so that you can make sure you are not sued. In fact, any paperwork that you draft for employees, vendors, and all others involved in the business can be looked over by your lawyer so you know they are legally sound.
Contact A Southern Minnesota Business Structure Attorney
If you are starting a business and need to establish a business structure or you want to change the structure of your existing business, it is wise to utilize the services of an experienced business attorney to help you. This will ensure that all paperwork is filled out properly and also gives you access to an attorney who is there to answer all of your legal questions related to your business. To learn more about how Birkholz Law, LLC can help you and your business, call the Mankato office at 507-387-2100, the Westbrook office at 507-274-6501, or the St. James office at 507-375-3374 for a free consultation.