Starting a Business or Professional Practice
It is prudent to consult an attorney when you start your business or practice in New Jersey. I counsel and represent entrepreneurs in a wide variety of legal issues encountered when starting a business or professional practice. Call my Springfield office to discuss the legal issues related to how to start your business or practice.
Please see my BLOG page for a more in-depth discussion of the considerations of entity selection or call me at (973) 921-0600.
Selecting the right business entity for your needs
Choosing a the right legal structure or entity for your business or professional practice is an important decision to make before you start your business or practice. I advise entrepreneurs of the advantages and disadvantages of many different business structures available today, such as:
- Corporations and professional service corporations,
- Partnerships, including general partnerships (GPs), limited liability partnerships (LLPs), and limited partnerships (LPs), and
- Limited liability companies (LLCs).
To determine which entity is best for your business, I take the time to understand your goals and concerns. Some key considerations include:
- Protecting personal assets from liabilities arising in the course of business,
- Licensing and other legal and regulatory issues,
- Profit allocation (i.e., sharing) and distribution,
- Employee compensation,
- Size, nature, and growth potential,
- Exit and succession strategies, and
- Ownership / management structure.
Selecting where to incorporate your business
A business entity may be formed in any jurisdiction (e.g., any State) of the United States. I counsel clients regarding the availability, as well as the advantages and disadvantages, of forming their businesses in New Jersey or other jurisdictions (e.g., Delaware, Nevada, etc.).
Selecting, using, and protecting your business name
When starting a business, business name selection is a critical marketing issue. However, there are many legal issues related to the selection, use, and protection of business and trade names. I help clients understand these issues so that they can select a business name that meets legal requirements and take appropriate steps to protect business and trade names.
Forming, Incorporating and Organizing Your Business
I prepare and file documents necessary to create, organize and maintain your company, including:
- Formation documents (e.g., certificates of incorporation, statements of qualification, certificates of formation, etc.),
- Organizational minutes/consents,
- Operating Agreements and Shareholder Agreements,
- State registration for tax and employment purposes,
- Annual reporting,
- Minutes/consents of shareholder, director, member, or manager meetings,
- Election of officers, directors, and managers, and
- Issuing stock and maintaining records of stock ownership.
Governance, allocation and distribution of profits, and succession
Business governance is the way in which a company structures its management and control. As part of management and control, businesses may wish to address the allocation and distribution of the company’s profits and losses. Business succession is the continuation of the company after the death or retirement of the company’s founders or current owners. I counsel and represent clients in all of these matters and review, negotiate, draft, and prepare all appropriate governance documents (e.g., shareholder agreements, operating agreements, and partnership agreements) in manner designed to avoid costly lawsuits and disputes.
Contact me today
Find out more about how to form or incorporate your business the right way. I welcome clients in any industry and at any stage of the business formation process. Contact me online or call my Springfield, New Jersey office at (973) 921-0600 to arrange a consultation. I respond promptly to all inquiries. Evening and weekend appointments, as well as appointments at your office or facility, can be arranged.