Setting up your business organization
Whether your business is just getting off the ground or you have a successful business that you want to pass on to the next generation, we can help you with the important decisions that will help you reach your objectives.
Deciding on a legal structure for your business can be an important step because of considerations such as taxes, transferability, duration, management authority, and succession.
Smaller businesses such as sole proprietorships and partnerships are easier to manage but cannot be passed on as an entity. LLCs and corporations, on the other hand, continue to exist upon a shareholder or member's death. Thus, although it requires more work to set up, these forms of business have increased longevity and can be bought, sold, or passed on by your will or trust.
Protecting your business
Have you made arrangements to protect your business from unfair competition, theft of trade secrets, and competition by departing employees? We can help you make arrangements to protect your hard-earned business successes from unscrupulous competitors and disloyal employees.
For example, a covenant not to compete can prevent employees from building up a book of business at your expense, then taking it to a competitor. Likewise, a nondisclosure agreement can protect you from the loss of valuable trade secrets, customer lists, pricing information, and other intellectual property. A business entity can also protect your personal assets from business liabilities. If you do business as a corporation or LLC, the business exists as its own entity, meaning that your personal assets cannot be targeted for business obligations.
There are many other factors to consider in deciding how best to protect your business; we can discuss all of these with you so that you can make the best decision about how to set up and operate your business.