Business Lawyer SE PA
Formally setting up a new business successfully in the Keystone State generally takes both time and the experienced legal guidance of a Pennsylvania business lawyer. How much time, however, depends on the type of business you intend to start and how prepared you are when you begin the legal process. The experienced team at Hoegen & Associates, P.C. can guide you through each of your “business structure” options.
Sole Proprietorship
Establishing a sole proprietorship requires no formal legal process. You can simply decide on the name of your company and open for business. If you’re operating from your home, you should first check out your city’s or neighborhood’s zoning ordinances to make sure you can conduct business legally out of your home. Note however, that connecting with a business lawyer to make sure that all of your company’s legal needs are covered remains a good idea, even if you can – technically – launch this kind of business without formal incorporation.
You’ll also probably want to obtain an Employer Identification Number (EIN) from the Internal Revenue Service, even if you have no employees or think you’ll have any in the future. You can obtain your EIN quickly, easily and for free online. Having one makes your business look more official than using your Social Security number on your invoices and other business documents.
Partnership
Establishing a partnership generally requires a formal partnership agreement. Before drafting one, each prospective partner should consult with an SE PA business lawyer. Why? Because the partnership agreement will be a legally binding document that sets forth the company’s structure and parameters, and you’ll want to make sure that your interests are properly covered. This agreement will likely address:
- The assets each partner will contribute to the partnership
- The ownership percentage each partner will have
- The amount of profits each partner will receive
- The amount of losses and liability each partner will bear
- The type and amount of authority each partner will have
- Which partner(s) will make which business decisions
- How the partners will resolve partnership disputes
- How the partnership or the remaining partners will buy out a partner who dies or wishes to exit the partnership
Since a partnership does not necessarily require filing with the state, getting the partnership agreement drafted and signed is what takes the most time, legally speaking, when you’re setting up this kind of business.
Corporation
Establishing a corporation takes the most time. You will need to decide on a corporate name, the type of corporation you want to be, who will act as your registered agent and the number and type of shares you will offer. A SE PA business lawyer will then need to draft your corporation’s Articles of Incorporation and Bylaws for filing with the business division of your state’s Secretary of State’s office. Also be aware that some states require filing in a different office.
If you are interested in starting a business, connect with the experienced legal team at Hoegen & Associates, P.C. to learn more about the “ins and outs” of each of these options, in addition to a popular hybrid option known as a limited liability company – we look forward to speaking with you.
