BUSINESS FORMATION

Memphis Business Formation Lawyer

America in general and Tennessee in particular has a rich tradition and history of entrepreneurs who have opened their own businesses, achieving success and financial freedom in doing so. A business does not succeed simply by luck, however. It takes careful planning and execution of those plans to help give the business the best possible opportunities for success. There are many decisions that need to be made before a business is formed such as the type of business entity that will be established, how the business will be run, and how the business will receive its initial start-up funds (just to name a few).

The seasoned team of legal advocates at Douglass & Runger, PLLC, Attorneys at Law, is experienced in helping new and experienced entrepreneurs carefully plan the startup of their business ventures and help them properly execute these plans. Make them a part of your business startup team to help give your business the best possible chance of success.

Common Business Startup Questions

When a person decides to form a business, there are certain questions that must be answered. These questions will determine the next steps the entrepreneur must take in order to make the business a viable reality. These questions include:

What business entity should I form?

There are advantages and disadvantages to forming an LLC, a partnership, or a corporation (for example). A business formation lawyer can assist you in reviewing these strengths and weaknesses and help you decide which business entity is right for your goals and situation.

How will my business be run?

A hallmark of a successful business is a solid and well-defined document spelling out how the business is to operate. For a corporation, this document may be the business’s articles of incorporation; for other entities, the document may be referred to by a different name. Regardless of the term used to describe it, however, its purpose is the same: to inform others involved with the business how they can expect the business to conduct itself on a routine basis. A business formation attorney can draft these and other important operating agreements to ensure those on your team know their role and how their jobs and duties fit into the “bigger picture” of the business’s operations.

Who will help me startup my business and how will this be accomplished?

Your business may need startup capital, real and personal assets, and/or inventory acquired from other sources before it is ready to operate. Because there may not be an existing corporation or other entity at the time you enter into these contracts, steps may need to be taken in order to protect your own personal interests once the business is up and running. An experienced business startup lawyer will have the resources to assist you in locating the assets you need to begin operations and can help shift the legal responsibilities for these obligations to the business once it is operational.

How Will My Business Pay its Obligations and Meet Other Reporting Requirements?

Any business entity will need to pay its obligations and liabilities, including its tax liabilities. As part of the formation process, your business startup attorney will discuss with you the various tax implications of the various forms of business entities as well as what state reporting requirements you must meet in order to continue operating.

Let Us Help

For more information about our firm and our approach to the practice of elder law, contact our office. Call (901) 388-5805 to schedule a confidential consultation and case review today. Douglass & Runger, Attorneys at Law, serve clients throughout Memphis, Shelby County, and the surrounding areas.

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