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The Dangers An Attorney Can Help You Avoid When Forming A Business

Benefits Of Legal Counsel In Forming A Business -676300396

In this article you will learn:

  • The importance of selecting the right entity for your business.
  • What is needed to protect a business
  • How a business law attorney can help you with everything from contracts, to leases, and more.

How Do You Select The Right Type Of Business Entity?

By hiring a business attorney from the start, you can select the correct type of business entity to ensure you optimize the long term tax implications. Additionally, a savvy business attorney can help you structure the business to minimize litigation exposure, maximize asset protection, and know what your legal obligations are from the very beginning.

How can a properly created and maintained business entity provide a layer of asset protection?

A properly formed business, like a limited liability company, is an entity all its own. As such, it offers a layer of asset protection to the owners of the business. Because it is its own entity, there are certain processes and procedures that need to be followed to ensure there is no comingling between the owner’s personal matters and the business’s matters. When these formalities are not followed and the lines become blurred between the business entity and the owner, it potentially exposes the owner to becoming personally liable for business related liabilities. In such situations, the courts have been known to set aside the entity protection altogether. This is known as piercing the corporate veil, which means the owner will be personally responsible for anything that goes wrong within the business structure.

This is something most people don’t know and, as a result, feel that they can save a few dollars creating an entity themselves online, much to their own detriment.

How Our Firm Helps Protect Your Business In The Long-Term

Some business attorneys will conduct a one-time transaction– creating the business entity and send the client on their way. The disadvantage to this practice is that the client isn’t reminded of the steps that need to be taken to maintain the business as a separate entity to best protect the client in the future as they operate their business.

Here at Burke Faulkner Law, we offer all of our business clients the option of being on an annual program where we remind, reinforce, and help to strengthen the entity protections and ensure the asset protection remains intact.

Can A Business Law Attorney Help With Commercial Lease Negotiation?

A business law attorney can always help with commercial lease negotiations in Florida. Our firm has handled countless commercial lease negotiations. We’ve seen it all – from lease negotiations on a small scale for a one-store operation in a small shopping plaza to 75-page complex, commercial lease negotiations with shopping malls and national retailers.

Some people think that a commercial lease is a take it or leave it matter, however, that is not necessarily the case. Here at Burke Faulkner Law when we review and negotiate commercial leases, we strive to negotiate the most favorable terms for our clients. With our vast experience and understanding of how different lease provisions play out in reality, we know what pitfalls to avoid in many boilerplate lease agreements.

Whether we represent the landlord or the tenant, we try to minimize the liability exposure and financial exposure to different things for the client that we represent.

For more information on Business Law in Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (727) 337-7979 today.

 

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