Answering Business Law Questions
Legal matters involving business law often comes with a lot of questions. Even business owners may not be able to answer every question that comes their way, so at The Sloan Firm, PLLC, Mr. Sloan wants to help answer some questions for you.
How can I protect my personal assets from creditors?
The right kind of business entity can offer liability protection. A limited liability company, or LLC, may be able to provide the protection you need. Complex business structures and proper business insurance can also aid you in protecting personal assets.
Which is the best business entity for me?
No business entity works best for everyone. A sole business owner may find the most benefit from a sole proprietorship, but if two or more people own the business, a partnership may be best. There are also many advantages to limited liability companies and corporations. If your business offers a social benefit, a nonprofit or special benefit organization may be the best fit for your business.
How can I protect my business ideas?
The ideas for your business can be vital for its success. For you to protect them, the safest option may be to choose a non-compete agreement. A non-disclosure agreement can also help keep your business ideas in place. Having your employees sign these strong agreements can make a considerable difference in your efforts to protect your business. Depending on your product or service, it may also be necessary to pursue intellectual property protection by filing for a trademark or copyright.
What are the tax obligations of a business?
Depending on the structure of your business entity, your tax obligations may change. In addition to some start-up tax issues, you should also be sure to keep thorough and detailed tax records. It is also necessary to separate any personal and business taxes. Keep track of business spending, as you may be able to use it for a tax write-off. The Sloan Firm, PLLC does not provide tax advice; therefore, adding an accountant who is familiar with business taxation is absolutely critical.
Do I need a business law attorney?
No. Note, however, that most business clients come to The Sloan Firm, PLLC with hope that we can fix a legal problem that could have been easily solved during start-up or along the way. Legal services are not cheap. But fixing “problems” through legal means tend to be substantially more costly. As such, while you may not need a business attorney, it is always recommended.”