When you are starting a business or preparing for a transition, chances are that legal issues are not at the forefront of your mind. You are thinking of your business operations, which is exactly what you need to be doing.
The role of a Wheaton business planning lawyer is to work with you in the process to help you determine the business structure that makes the most sense in your situation. An attorney experienced with business planning could help you get off on the right foot, comply with state, local, and federal requirements, and prepare for future growth and change. Although a business planning lawyer could work to avoid conflict, if a problem arises, an experienced business planning attorney could help to resolve the issue with the least disruption to operations.
One of the most important steps in successful business planning is to select and establish the business structure that makes the most sense in a particular situation. The role of a Wheaton business planning lawyer includes reviewing the pros and cons of operating as a sole proprietorship, limited liability company, partnership, or corporation. What is right for one company may prove to be a disastrous choice for another, so it is important to look at the unique aspects of a situation and consider both current and future ramifications before proceeding.
A business planning lawyer could also assist in situations where business owners want to change the structure or revise foundational documents such as articles of incorporation, bylaws, or partnership agreements.
The best time to plan for a change in a business is during the formation of that business. However, the role of a business planning lawyer in Wheaton could include preparation for and assistance with a business transition at any phase in the proceedings.
It is essential to determine how ownership interests would be valued and who would be allowed to buy into the business. It is also wise to establish procedures for continuing operations in the event of a disruption in leadership, whether a gradual transition due to retirement or an unexpected change resulting from the death or disability of an owner. An attorney could put plans in motion to ensure that the value of ownership interests is protected, tax liability is as low as practicable, and everyone knows what to expect so that the potential for conflict is reduced.
A business does not operate in a vacuum. The role of a Wheaton business planning lawyer could include a variety of tasks such as:
Because every company is unique, the duties of a business planning lawyer vary according to the needs at hand. Overall, an attorney could serve as an advisor as well as an advocate in business dealings and contact with regulatory agencies.
The goal as well as the role of a Wheaton business planning lawyer is to find practical solutions to meet the needs of each client. An experienced business planning attorney could anticipate many potential concerns and prepare to handle the issues so that they do not cause unnecessary disruption to operations.
It is important to work with a business planning lawyer you could trust and who is able to take time to formulate a plan designed with your specific needs in mind. To schedule a consultation to learn more about how a business planning attorney could put experience to work for you, call now.