Business owners are typically very good at, and excited about the business, however they may not be good at the legal issues that come with forming and owning a business. Business attorneys work with individuals, and partners to address and solve legal issues, and provide legal advice regarding your business formation. By retaining an attorney to form your business, you will know your business is formed to protect the owners, there are agreements in place when there is more than one partner, as well as ensure you are protected with any lease or real estate purchases for your business. A Limited Liability Company (LLC) is not a corporation, but instead, is a business form that provides protection to the owners. Other benefits of an LLC are less record keeping and less startup costs.
The first step in forming an LLC is picking a name. The name must be different than an existing LLC, must indicate it is an LLC, and cannot contain restricted words (ie: Doctor, Bank, or words that could be mistaken for a state or federal agency). You can check name availability on the Secretary of State website.
Common LLC formations would include the following documents:
Articles of Organization: This document is filed with the Secretary of State that legitimizes the LLC. The Articles contain the name of the business, address, name of partners, and is signed by the organizer.
Member Control Agreement/Operating Agreement: This document provides the structure of the LLC, including infancies, profits, and member’s rights and responsibilities. Having a Member Control Agreement in place provides structure for smooth business operations.
Written Action of Organizer: This document is drafted by the organizer and states the election of the Governor of the LLC.
Once the LLC is filed with the Secretary of State, the business owner can apply for any licenses or permits required, apply for an Employer Identification Number (EIN) to open a bank account, register for state tax, and hire employees. In addition to drafting business formation documents, a business attorney can also provide outstanding services in the following related areas:
• Business Partnerships
• Asset Agreements
• Purchase Agreements
• Franchise Agreements
• Real Estate and Leases
• Trade Secrets
• Employment Agreements
• HR Policies and Procedures
• International Business and Contracts
• Business Strategy
• Entrepreneurial Operating System (EOS)
• Employment Disputes
• Business Lawsuits