Business Formation and Governance
The formation of a new business can be a complex and confusing endeavor. Our experienced attorneys can work with you to navigate the process of starting your business and help get you off to a running start.
A business can be held in many forms, each having its pros and cons. Some examples are as follows:
- Sole Proprietorship
The classic entrepreneurial option; a sole proprietorship is you against the world. With limited rules of operation, you can take any action you want without answering to a partner and every decision is yours. Unfortunately a sole proprietorship also comes with no liability protection.
A partnership is formed whenever at least two people decide to go into business together. Still with fairly limited rules, but your decisions now need to consider the opinions of your partner and you may need to reach an agreement before any significant action is taken. A partnership again comes with no liability protection and also creates certain fiduciary duties owed to your partner(s).
- Limited Liability Company
Commonly known as an LLC, the limited liability company requires a business to complete certain formalities, e.g. more formal meetings, formal separation of personal and business assets and accounts, etc. An LLC can be owned by one person or multiple people. In exchange for complying with the formal requirements, an LLC provides liability protection to the business owner(s).
A corporation is the classic form of business providing liability protection to its owners. Its formal requirements are sometimes more onerous than those of a LLC and can be burdensome for a small business owner.
Our experienced business attorneys can help you determine which business entity is your best option. We will work with you to not only form the specific entity but also to prepare the company’s governing documents, be they an operating agreement, by-laws, shareholder agreement or company handbook.
Once your business is formed and operating, our attorneys can work with you to establish employee policies, to prepare sales and other contracts and to help you navigate the complex world of owning your own business. Our business attorneys have litigation, tax and employment law experience to help you at every stage of the business.
Contact Our Attorneys
For more information or to set up a consultation with our business attorneys, call 908-735-5161 or fill out the contact form on this site. Our firm serves clients throughout central and northwestern New Jersey.