Anyone starting a new business should contact an attorney, and there are plenty of attorneys who routinely form LLCs and corporations. However, few have hands-on experience running several businesses with employees, accounting and tax, and all the other questions and challenges.
I have a process I follow for each new business inquiry:
- Set up a consultation – this is usually one hour so we can discuss which entity type is right for you, what the tax implications are, and even if you’re ready to undertake a new chapter in your life. It could be that a sole proprietorship is perfect; or maybe we’ll understand that you should have payroll right away and need an s-corporation. Maybe writing a business plan is critical. It’s a whole hour for you to ask every question you can think of about starting a new business and to make sure that you’re set up in a way that will get you to your goals.
- Create the entity and do the initial paperwork.
- Create custom bylaws or operating agreement.
- Create a corporate record book – the binder of Very Important Documents that you will need throughout the business’ lifespan.
- Have follow up conversation to review and sign the binder contents, and make sure everything is on track.
I can also help with tricky things like how to hire and fire employees, contracts, business planning, and strategy. We can also discuss how to wind-down and dissolve your business if that’s the right thing for you.