Starting a new business is exciting and as a business owner, you have many things that you need to put your focus on. Setting up your business properly from a legal standpoint is one of the more important things to take care of first. Whether you are forming a Limited Liability Corporation or forming a Sole Proprietorship, making sure you are choosing the proper business structure is paramount to your business’s success.
Choosing the right business structure can help save you, your family, and your business from possible liability. Each business formation out there has many different rules that need to be followed and come with different pros and cons depending on the type of business you want to form.
Seek counsel with a knowledgeable business law attorney in Austin Texas. Call the Akhtar Law Firm to schedule a consultation today.
There a couple of main structures you can choose from when starting up a new business. The first one is an LLC. An LLC or Limited Liability Corporation have a lot of the same advantages of a corporation. LLCs can be owned by many different types of entities, including trusts, corporations, individuals, and other LLCs. Making sure you are set up with the proper guidelines with a business law attorney in Austin, TX can give you the advantage of being taxes in ways that benefit you. Another structure is a Sole Proprietorship. This is probably one of the simpler business entities. The requirements for being a sole proprietorship are easy, and as they are economical to start up are a popular option with small businesses. One benefit of being a sole proprietorship is being taxed on your income once instead of being taxed twice, once under the company and then as a personal source of revenue. There are many intricacies in all of these options.
Having someone who is skilled in business law in Austin, TX will help keep you protected. Call the Akhtar Law Firm at (512) 879-1935, to talk to Attorney Akhtar directly.