Starting a Business
Starting a business can be one of the biggest challenges you will face. It’s often been described as the American Dream. Too often, poor planning can cause it to become the American Nightmare. According to Bloomberg, 8 out of 10 new businesses fail in the first 18 months. Many new businesses fail because the entrepreneur doesn’t understand the risks, or fails to gather the correct information about the business and the area they are going to operate in.
A team of lawyers familiar with the rules, and experienced within the local business community is an asset you need. The Law Offices of N. David DuRant & Associates can assist you in realizing your dream with our business law services.
LLC, Sole Proprietorship, Corporation?
Most businesses are formed as separate legal entities from their owners. This is recommended to protect the owner’s individual assets as well as the business assets. Business law includes such things as real estate, tax law, intellectual property, sales, or employment law. An experienced business lawyers can be a great asset in avoiding litigation.
Your new business can be formed in several different ways. Your business can be a sole proprietorship, a corporation, a limited liability companies (LLCs), a partnership, or any other entity that fits the needs of your business. You may find you need to customize your organization to meet the needs of the company. Some business forms are organized to minimize tax losses, while others are used as an investment medium. Any way it is set up, you will need operating agreements and governing rules to protect the business, the assets and the rights of people involved.
Stay Current with Regulations and Laws
A good business law firm helps you to keep abreast of changes in the regulations and laws in your area of operation. The pace of change in government regulations has accelerated in the past decades. What was legal and “normal” business practice can now subject you and your business to fines and inspections. Making sure you stay current with the changes can help you to avoid costly fines and penalties.
Your business lawyer is also invaluable when the business changes. Partners or investors may want to change their roles within the business. Adding employees, or changing business roles can all affect the operation of your business and your bottom line. In small businesses, or family run businesses, changes in marital status or the desire to include family and children into the business can have major changes in the operation. A properly constructed, carefully updated business plan, reviewed by your business attorney can be your most valuable asset. You work hard at your business. Don’t you want to know your business is protected to the fullest extent possible?
The Law Offices of N. David Durant & Associates
At the Law Offices of N. David DuRant & Associates, we understand the challenges of running a business. We have been serving the Grand Strand area since 1983, and are a family owned and operated firm. We are large enough to be of service, and small enough to care about you.
Contact our firm by calling 843-650-7800 to arrange a free consultation.