A business lawyer is responsible for helping entrepreneurs and current business owners protect and develop their business ideas by helping choose the right legal structure such as a LLC or corporation, creating business contracts, and aid in business litigation.
Before you start a business, you have to decide what form of business entity you would like to create because that will determine the amount of regulatory procedures you will have to file. Your business structure will also affect your taxes and the personal liability of you and your business. Common business structures defined by the SBA include:
· Sole Proprietorship - A business owned and managed by one individual who is personally liable for all business debts and obligations.
· Partnership - Two or more people share ownership of a single business.
· Corporation - A legal entity owned by shareholders.
· Limited Liability Company (LLC) - A relatively new, hybrid-type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership
· Non-Profit - An organization engaged in activities of public or private interest that are motivated by making a profit. Some non-profits are exempt from paying federal taxes.
· Cooperative - A business or organization owned by and operated for the benefit of those using its services. Cooperatives are not legal structures.
If the business you would like to establish is a corporation, non-profit, limited liability company (LLC), limited liability partnership (LLP), or limited partnership you will have to register your business and file business structure specific documentation with your state government. However, if your business is a sole proprietorship you will not have to register your business with your state. Sole proprietorships are required to use the name of the owner as the business name in many states. Issues and topics related to Business Law include:
· Registering a business
· Executing the business plan
· Coordinating employees
· Managing finances
· Paying taxes