Starting a new business can be an exciting venture; however, there are many legal and financial aspects entrepreneurs need to be aware of to avoid making critical and catastrophic mistakes. For example, new business owners need to understand what to do if their business is sued, how to obtain a business permit, and crucial pieces of the process when creating a new enterprise. Consulting an attorney before you begin can increase your chances of success. An attorney can help you prepare for issues before they become serious problems and answer any questions you may have. An attorney can also help you:
- Choose the best way to structure your business. There are many ways you can structure your new business, but a limited liability corporation (LLC) or a sole proprietorship are the two most common. A sole proprietorship may be the most popular and simplest form, but an LLC may provide legal and tax advantages. A business attorney can discuss the pros and cons of each type and help you make a decision that’s best for your business.
- Explain how federal and state employment laws affect you. Depending on the type of business you start, you may have to deal with anti-discrimination laws, health and safety regulations, wage and hour laws, and other requirements. If you aren’t aware of these rules or don’t comply, you could face serious penalties and legal issues. An attorney can help determine which laws pertain to you, and what you have to do about them.
Start Your Business With a Rhode Island Business Attorney
The attorneys of Kirshenbaum & Kirshenbaum have advised many Rhode Island new business owners, and they want to do the same for you. Call 888.591.9976 to find out how we can help.