Starting a business is a challenging and exciting time in any entrepreneur’s life. You finally get to put into practice all that expertise you have spent years accumulating and start generating an income from it. While that is all true, there is an additional factor to consider as a company founder, and that is the actual business aspect of running your own enterprise.
You have to consider your business model and structure, decide whether you will be a sole proprietorship, a corporation or LLC or something else, and make a host of other decisions. Each scenario involves a different financial aspect, such as how you will be taxed and what kinds of debts you personally will be responsible for paying.
The survival of your business depends on you getting all of this right. If you are preparing to establish a new business and need a business formation lawyer in Wilkes-Barre, contact the Law Office of David J. Harris. David has been practicing financial law for more than 30 years and knows all the intricacies of business finances and the rules and regulations that go along with them.
3 Major Business Law Issues Lawyers Can Help With
Let’s learn more about business formation and how a legal expert can be useful to anyone in the business world.
Sole Proprietorship, Corporation or LLC?
It helps to break down complex business issues into a layperson’s terms. A sole proprietorship business is relatively simple to start up. You file paperwork with local and state authorities, provide the business’s basic information, and you are finished. Sole-proprietorship businesses are not considered separate from their owners. That means the owners are subject to debts, lawsuits, and any other conditions brought on by the business.
Meanwhile, corporations, limited-liability companies, or LLCs, take more work to form but ultimately benefit their owners by offering them protection from the above-mentioned issues. LLCs require more paperwork to be filed, and those filings come with fees that can add up to $1,000 or more.
You can choose from other business structures, as well, but sole proprietorships, corporations and LLCs are common ones. A business-formation lawyer such as David J. Harris can guide you through the early stages of your business formation to reduce mistakes and help things go smoothly.
Taxes
A business lawyer will also be available to advise new business owners on taxes. In business, the subject of taxes is fairly broad. Some tax issues that may arise in business include audits by the IRS, the tax effects of mergers and acquisitions, and business decisions that might elicit tax write-offs.
Speaking of tax audits: David J. Harris can also represent you to tax authorities who come calling with letters and questions. Representation is a valuable service when you get hit with an audit and don’t know the first way to respond.
All of this can be overwhelming for business owners to think about and master on their own. It is always wise to consult with a business creation and representation lawyer on these important matters to avoid mistakes.
Payroll Taxes
Maybe your business startup already has several employees attached to it. You will need to pay them through all the proper channels. That means paying payroll taxes appropriately to federal, state, and local authorities. If you, as a business owner, struggle to keep up with all the payroll-tax laws in your area, you may find it is useful to hire a business tax lawyer to sort through the numbers and make sure the books are perfect.
Business Formation and Representation Firm in Wilkes-Barre
The Law Office of David J. Harris can assist you with all of your legal business-formation needs. David is a sole practitioner with more than three decades of experience in financial and tax law.
When you require expert help establishing your new business’s structure and settling complex and confusing tax issues, make David your first call. His experience in this field makes him the perfect choice to set you down the right path.
Call David today to schedule a consultation on your situation.