It is easy to start a business, but it requires thought to do it right.
If you have an idea, a service or product to sell, forming a business identity that sets your business apart from other business names while at the same time protecting your personal assets is easy enough: you register the name with secretary of state as a corporation, sub chapter s corporation or limited liability company. But to insure that your personal assets are protected you will need to treat your business as if it is a separate entity. This means you have an operating agreement or bylaws that establish the way your business operates.
Another consideration when forming a business is how your business will be treated for tax purposes: Will income pass directly to you or do you pay yourself a salary. Do you have partners, if not; is it possible that you might have partners or investors in the future? How will your business continue if you are incapacitated or die? Will it go to your family? Once started will you have employees or hire independent contractors?
Knowlton Law will help you with these and any other considerations you might have with forming a business.
Once your business is up and running, there will always be contracts to write and review, there will be issues on how to collect money. It is smart business to have an attorney on your side. Knowlton Law supports small businesses as they are a source of the health and vitality of our Roaring Fork Valley community and its people.
For an outline of business considerations, please click here.