Minneapolis Business Attorney

Entity Selection and Formation

Being able to start your own business is one of the hallmarks of American culture. There are numerous stories that illuminate just why anything is possible, if you are willing to put forth the effort. However, forming a business is a complicated process; it is important to be well-informed before you dive in.

Careful Business Entity Selection

One of the first things that you must decide when starting your own business is what kind of business it is. You must ask yourself the question, “How will my business operate as an entity?” Once you have a clear idea of how the structure of your business will be, you will then be able to choose the business structure that is right for your goals.

There are almost an unlimited number of ways that you can form a business, although it will usually be classified in one of the following legal structures:

• Sole Proprietorship
• Partnership
• Corporation
• Limited Liability Company

Each of these business structures has varying traits and characteristics and are thus treated differently when it comes to important activities like accounting, organizing taxes, and payment structure. Generally, the choice of a business structure determines who is responsible for which activities in the company, as well as who is liable in the event that the company gets into trouble.

Contact Us Today

Starting a business is both exciting and daunting at the same time. Seeking the aid of an experienced business attorney may help take the heat off, as he or she knows which structure will be the best fit for your firm. If you would like to explore your options, contact the Minneapolis business lawyers at the Skjold ▪ Barthel law firm at 612.746.2560.