With the idea for a small business in your mind and a business plan written, it’s time to begin taking steps toward making your idea the real thing. There are many things you need to consider when starting a small business – the most important being that everything is legal. While you can do all the legal work yourself, it’s recommended that you have a lawyer with small business law experience do the work for you. Here are three key legal components for starting your small business.
A company agreement is the framework from which your business operates. It determines aspects like rights and responsibilities of members and what structure ownership falls under. It also covers how losses and profits are handled, what happens if the business has to shut down, what say the owner has in the company and more. It’s important to do plenty of research to make sure that your business is ready for anything.
Articles of Incorporation
The articles of incorporation are what determine the entity in which you operate your business under. The most common entity with which to file your business with the government is an LLC or Limited Liability Company. With an LLC, you are held less liable in case of business failure and have some of the same advantages of partnership or corporation businesses. There are other options to file your business under, but an LLC is the recommended choice of legal professionals for most small businesses.
When you are hiring new employees to work at your business, it’s important to outline certain conditions that will protect your employees and your business. Aspects such as job information, compensation and benefits, and time off are universal things that can be laid out in your employee agreement. It’s important to not be too specific with your employee handbook, as not every employee will be the same.
These three things are a small part of starting your own business, but it’s important to do plenty of research when starting something like this. At Dan Burke Attorney at Law, we can provide you with the best San Antonio business lawyer around, and we ensure that you and your small business get started on the right foot. To learn how we can help you, contact us today.