Opening and running a business can be both exciting and daunting, especially when a person considers the significant financial and legal risks that are involved in the process. In order to protect both the business and its owner, it’s best for every entrepreneur to make sure that they are working closely with a qualified business attorney at all times. Consider the following ways that a business attorney can benefit any business owner at every stage of business development:
- Business Formation: Many first-time entrepreneurs fail to realize that the type of business they decide to start will have far-reaching legal and financial ramifications. For example, in LLC’s and S-Corporations, owners can enjoy “pass-through” taxation while this is not possible with double taxation rules for C-Corporations. A business attorney in Walker, MN will help budding entrepreneurs understand which type of business entity best fits their needs and will also help them avoid costly mistakes in filing their paperwork.
- Tax Planning: Tax planning is a vital tool that helps business owners reduce the amount of money that they must pay out when tax time rolls around. Most business owners are not well-versed in the intricacies of tax law and are not interested in keeping up with the constant legal changes in this area. A business attorney can help a business owner understand when and how to make big purchases, find the biggest tax credits and deductions, and control the timing of their tax payments in order to financially benefit the business.
- Contracts: A business attorney in Walker, MN can help a business owner create legally sound contracts that they can rest assured will hold up in court. When completing contracts without an attorney, it’s easy to forget important details that will make sure that all parties are protected. Not only can a business attorney help draft an adequate contract, but they can also help if a business owner needs to enforce it through litigation.
Starting a business is a serious undertaking, and it’s imperative that business owners do things right from the start. If they don’t, they could face legal and financial issues that threaten their business future. For those in search of greater security as they travel down the entrepreneurial path, get in touch with the legal professionals at Borden Steinbauer Krueger and Knudson P.A. to learn more about how an experienced business attorney can help business owners protect what they have worked so hard to build.