Delray Beach Lawyer | Business Incorporation

BUSINESS INCORPORATION

Business Transactions and Corporate Law Lawyers

Incorporating a new business may be an exciting, yet extremely stressful time for an aspiring entrepreneur. Starting a new business involves many considerations and requires special guidance that only an Attorney well versed in all facets of Business Transactions and Corporate Law can provide.

In order to start a business, you need to start from the foundation. At the foundation, you have your Business Plan. A Business Plan is a written guide that will help you map out how will run your new Business whether you are selling shoes, or providing professional services. The Business Plan details your short-term and long-term business goals and a plan for reaching those goals timely. This planning map also outlines startup expenses (such as rent for office locations, employees, and overhead costs), as well as projected profit upon reaching the stipulated short-term and long-term goals. You should also determine whether your product will be sold online, or at an identifiable office location. Business Plans are not just for new companies, but a universal planning tool for business or any age or production levels. Mature companies who have reached all of their goals should also prepare a revised Business Plan to plan for continued growth, succession over time, launch of new products or services, as well as exploration of other continued expansion options (Mergers/Acquisitions). A business owner (or entrepreneur) should always look for additional ways to grow and expand as the competitive market for every business is ever-changing and can alter your business model in a blink of an eye.

Once you have a Business Plan, you need to learn your product and the market in which your product is being disseminated into. Many business ideas fail simply due to the lack of market research completed by that entrepreneur prior to the launch of a product or service.

Financing is another big consideration for new and expanding businesses. You may qualify for government backed financing (such as Small Business Loans), crowdfunding, and/or other loan arrangements with private banking institutions. Using your Business Plan, you can develop a Cash Flow Analysis to determine the amount of cash you need to start, operate and expand your business. You can also explore offering equity shares of your business to venture capitalist on a short-term or long-term basis. This can often be done using vehicles such as Limited Liability Companies and Partnerships.

Once financing for your new business is under control, you need to determine the best legal structure of your business. Since choosing the best legal structure oftentimes coincides with financing, it is best to determine financing prior to, or contemporaneously with choosing your legal business organizational structure. As an overview, you can incorporate in many forms including but not limited to: Sole Proprietorship, Limited Liability Company, General Partnership, Limited Partnership, Professional Corporation or Limited Liability Company, For-Profit Corporation, Non-Profit Corporation.

Learn more about the different legal business entity structures by visiting the following link:

Once your legal organizational structure is chosen, you must register your business with your Secretary of State as well as obtain all of the necessary licenses and permits from the city your business operates in. For instance, in Florida such department is called the “Florida Department of State Division of Corporations,” however, every state has their own tilling for their department. As for licenses and permits, regulations vary by city, but most businesses are required to have inspections completed by the fire department and pay for, and display a business license at their office location.

Now that your business entity is properly planned for, funded, incorporated, and duly licensed with the state and city governments, you may think you are done, however, this often just the very beginning. At this point business owners should be considering employment documents (such as employment contracts, handbooks, and benefits documentation or waivers) for their employees and contractors, as well as establishing ownership rights for their products and/or services (such as trademarks, copyrights, and patents). Business Owners should begin performing marketing and other planning strategies to help their new business grow.

Not having proper business guidance during any one of these importance milestones in your new or expanding business could lead you to have to fend off a litigation against you or your business and/or experience other unexpected problems. It is important to have a knowledgeable business attorney on retainer to help you with all of your expected and unexpected business troubles.

Learn more about the different facets of Business Transactions and Corporate Law by visiting the links below:

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