Are you thinking of starting your own business? Congratulations. Owning your own business may require working harder and longer hours but the rewards can be worth it.
When starting a business, it is imperative the business is set up correctly and the business structure is made to best fit your type of business and you. The formation of your business entity should be dependent on your tax and liability, ownership rights, capital needs and other business transactions. Each state has specific laws that must be followed.
You need to determine whether a corporation, Limited Liability Company (LLC), Limited Liability Partnership (LLP), Limited Liability Limited Partnership (LLLP) or Limited Partnership Association (LPA) would be best structured to your type of business. “One Size” does NOT fit all. It’s never a good idea to buy legal forms from an online company to start your business.
For a rundown list of representation and counseling issues you should consider before starting a business, visit our Denver Business Law Attorney webpage.
A well thought out business plan and business contingency plan may make the difference between succeeding and failing.
The last thing you want to think about is failing. No one wants to fail, but the fact is as many as half the businesses fail within five years of opening. There are many reasons for failure; lack of capitol, economy, management, employee issues, theft, illness and even death of an owner. But, statistics show the number one reason a business fails is poor business planning.
You can stack the odds of success in your favor by setting up the strongest base possible. Sitting down with a business law attorney, you can plan ahead and ensure you’re covered for every kind of interruption imaginable. Have you thought what would happen if your partner or co-owner passed away? What if you had a fire, flood - the computer system was hacked, a fire, flood or even your entire hard-drive system being disabled.
Our business law attorneys can also help structure your business to be in compliance with state and federal tax laws, and make sure your business is set up to benefit you.
The IRS is one entity that can close down your business, seize your assets and padlocking your doors. Our lawyers have solutions to resolve tax issues such as payroll taxes, back taxes, threatening letters, audits, non-filing, liens, deferrals, installment plans, offers in compromise, seizures and levies. A business and tax attorney can negotiate and get the best solution for you and your business. The longer a business tax problem is ignored, the larger the tax debt will grow. Our attorneys are experienced in how to strategize going up against the mighty IRS.
Gantenbein Law Firm's attorneys are experienced in the best options for your real estate, business law, HOA defense, foreclosure defense, credit, and estate planning, wills trusts and probate cases. For more information, visit our website at www.gantenbeinlaw.com, or call 303-618-2122. From our office in Denver, we serve clients throughout Colorado.