Central to the American way of life, and for many Americans, part of realizing the American dream, is to start and sustain their own business. In all honesty, it's not a very complicated process. And even if you have no previous experience running a business you can do the research and within a few days file the necessary paperwork to start your own business. However, for those who don't feel comfortable doing it themselves, despite having a great idea for what could be a very successful business model and perhaps change their lives, the Fleming Firm will gladly shepherd you through the process.
Even though the process can be relatively simple there are some key legal concerns to consider and the wrong decision can end up costing your small business hundreds or many thousands of dollars. For example, there are issues regarding how you want your business to be taxed, i.e. as a corporation, as a Limited Liability Company (LLC), or as a sole proprietorship. Click on the taxation considerations link below for more information on taxation of small businesses.
There are also issues of liability to consider. Even though you initially form your corporation as an LLC, it doesn't mean that you personally and all your assets will automatically be shielded from liability. There are additional steps that must be taken to protect your personal assets from lawsuits and judgments and Attorney Fleming can help guide you in this regard.
Finally, you should consider how your new company will be managed, funded, and if things don't work out, what's the best way to dissolved (shut down) the company. Having owned and managed his own small trucking business, Attorney Fleming knows the joys and perils of running a small business. Forming it is one thing, successfully sustaining it is quite another. Attorney Fleming can offer a wide range of consultation/legal business services including but not limited to; feasibility studies, market research and analysis, business coaching, and cost-benefit analysis. Call Attorney Fleming for a free consultation to get your business started on the right foot.
Small Business Acquisition & Asset Purchase Agreements – A great way to start a business is to simply buy one that already exist. Purchasing an existing business is much more complicated than simply buying a new car or any other consumer good. And an attorney with a keen eye for business should be employed to draft all the applicable documents and/or scrutinized any existing contracts prior to you signing to ensure that your interests are protected. If you are buying a business, Attorney Fleming can assist you in scrutinizing the target company's documentation, i.e. profit & loss statements, balance sheet and cash flow statements to get a true sense of the company's worth. Additionally, he will review the company's assets & liabilities, claims, liens, security interests, and review any trademarks, tradename, and domain names so that there are no surprises after the deal is done. If you are selling your business, Attorney Fleming will review your business from top to bottom and draft all contracts and associate documents to ensure that you get a fair price for your company.
Asset purchase agreements and acquisition of small businesses are a great way to get your new business started without starting everything from scratch. For example, let's say you want to start a lawn care business and by far the most expensive part of getting started is the equipment. As we know, many commercial mowers can easily cost several thousands of dollars. With your business already formed, it can enter into an asset purchase agreement with a private owner or existing business to acquire the much-needed equipment. This can be simple, but with expensive specialized equipment such things come into play as warranties, licenses and permits, security agreements, etc. Leave it to Attorney Fleming to assist you in acquiring additional assets for your business.