Choosing the business structure that is right for you is not simply a matter of knowing the law. It is also a matter of knowing yourself. A good tax and business attorney can help you determine the best business structure based on taxation and liability. They must, however, know a lot about you and your vision for your business. Before you set up a consultation here are some questions to ask yourself.
- What is my vision for my business? Do I want to conquer the world or be a great local business? How about outside funding so that I can grow quickly? Or am I content with slow steady growth using my own funds and reinvesting profits?
- How much administration am I comfortable with? Do I need to plan for co-owners, or hiring several employees quickly? Finally, how much paperwork can I tolerate?
- Crucially, how comfortable am I with risking my personal assets? Some business structures leave your personal assets open to lawsuits against the business or open to process to satisfy business debts.
Let our business law team help you choose the business structure for you
As with many things in life, your choice of a business structure may be the result of trade-offs. As an example, some business structures that protect your personal property involve complexity and more paperwork. If you understand your own dream well and add to that your personal quirks we can advise you more effectively.
Our business law team offer diverse and extensive experience. Norman Short with 25 years experience in tax and business law also obtained an advanced legal degree in taxation. Kim Hammit focuses on small businesses and for more than 20 years Chalmers Johnson has helped both business owners and employees with employment law issues. For business owners, he can help establish personnel policies and investigate personnel situations and resolve them.
Let us help you make your dream a success by your own standards. Set up a consultation today at either our Port Orchard or Bainbridge Island office.