Starting a new business is a big undertaking, and the choices you make during the formation process can have a significant impact on your business's future. Professional business creation legal services help you avoid common start-up pitfalls and lay a firm foundation for success, while also saving you valuable time, money, and effort.
At Colin Smith Law PLLC, we help people turn good ideas into great businesses. We've played an integral role in the formation of a broad range of businesses and, unlike some other firms, we never offer one-size-fits-all solutions. Instead, we take the time to get to know you, your business, and your goals, so we can recommend the perfect business structure and path going forward. We've helped countless clients start businesses in Dallas and throughout Northern Texas—and we are ready to put our extensive knowledge and experience to work for you. Read on to learn how we can help you make your dream of owning a successful business a reality.
Start Off on the Right Foot: Choosing a Business Structure
Selecting the right business structure is one of the first—and most important—steps in the business formation process. The structure you choose has wide-ranging effects, affecting filing requirements, day-to-day operations, your tax obligations, personal liability, and more. Striking a delicate balance between a structure's benefits and legal protections is crucial, which is why we make sure you understand the pros and cons of each structure and how they might affect your business.
Here's a quick overview of the major types of business structures used in Texas:
- Sole proprietorships. One of the most common and easily established business structures, sole proprietorships are designed for a single owner and often operate informally.
- General partnerships. Suitable for two or more partners engaging in for-profit business, general partnerships are based on a partnership agreement and may not require formal filing.
- Corporations. Owned by one or more shareholders and managed by a board of directors, corporations must be filed with the Texas Secretary of State upon formation.
- Limited liability companies. Suitable for businesses owned by one or more members, limited liability companies, or LLCs, require formal filing, but offer a flexible management structure.
- Limited partnerships. This structure is intended for businesses that have one or more general partners, as well as one—or more—limited partners, and require filing with the secretary of state.
- Limited liability partnerships. This structure limits the liability of general partners engaged in a business agreement and must register with the secretary of state.
What Your Business Formation Attorney Can Do for You
Choosing the right structure for your business is just one step in the lengthy and complex formation process. There's so much more we can do for you, including:
- Help you understand your legal rights, options, and obligations as a new business owner
- Draft essential business documents such as articles of incorporation, bylaws, partnership agreements, articles of organization, operating agreements, and more
- Draft and file documents needed to register your new business with the government
- Complete all necessary tax forms
- Secure applicable business start-up permits and licenses from the relevant government agency
- Help you obtain an Employer Identification Numbers (EIN), if necessary
- Ensure your new business complies with regulatory bodies
- Develop employment agreements and policies
- Clarify your marketing, management, and financial plans
- Identify your business's insurance needs
Avoid Do-It-Yourself Start-Up Woes: Consult an Experienced Business Formation Attorney
People often wonder if they can use online legal forms or a document drafting service to start their business, rather than hiring a business formation attorney. While, in some cases, it may technically be possible to form a business without professional legal assistance, it usually isn't the wisest choice, as you may inadvertently and unnecessarily expose yourself to liability. Don't wait until you've been sued to speak with an attorney about your business. Contact Colin Smith Law PLLC today to schedule a private consultation.