Most state laws offer several business management structures that suit the uniqueness of the business. Common business management structures include:
- Sole Proprietors
- Limited Partnerships
- Limited Liability Companies
Depending on the management structure of the business, certain managers or owners may be held liable for the injury claims, credit problems and warranties of the business.
Starting your own business is a great financial endeavor. When starting your own business, you should consider some of the following:
- What type of business do you want to engage in
- Whether to begin your own business or contract with a franchise company
- Where the business should be located
- Whether to buy or lease business space
- Your personal financial circumstances
While purchasing an existing business may be beneficial since the business, lease, employees and customer base are already established, a buyer should consider the financial past and future of the existing business before making the offer.
After you have made the decision to sell you existing business, you must be ready to commit some time to organizing all your financial documents and records. An agent or lawyer may be needed to complete the transaction.
Commercial contracts are the cornerstone of a successful business. In contract negotiations, parties bargain for benefits and obligations under the contract relationship. It is important to make your requirements clear to the other party. When drafting and reviewing a contract, you must be certain that you understand all the terms and obligations under the contract.
If either party does not perform as required by the contract, they may be liable for breach of contract.
Selling, Buying or Starting a business will require a great deal of time and effort. A business attorney can help you organize your financial information, determine the licenses appropriate for your business, and contact all the official parties before the required deadlines. Your attorney can also assist you with Contract Drafting and Review so that your best interests are met. Additionally, an attorney can help you determine the business management structure that would be most lucrative for your endeavor, and limit your potential personal liability.