Business Formation Lawyer Virginia
If you’re thinking about starting a company, you have a staggering number of “moving parts” to account for and keep track of. From securing premises to formally registering your company, hiring staff to obtaining necessary permits, a lot goes into starting a business. Working with an attorney proactively can help to ensure that all of your needs are met and that no important concerns fall through the cracks. One of the most important considerations that you’ll need to account for “from go” is intellectual property. Virtually every business, from at-home crafting empires to mega natural resource corporations is in possession of intellectual property. Failure to safeguard your intellectual property can leave your company vulnerable to liability for the unintended use of another’s intellectual property and vulnerable to infringement upon IP that is rightfully yours. As a result, if you have not yet spoken to the knowledgeable legal team at Dale Jensen, PLC about your company’s intellectual property concerns, now is the time to do so.
Business Formation Lawyer – Virginia
It isn’t uncommon for Americans to think about patents (safeguards for new inventions) and copyrights (safeguards for works of original authorship, artwork, music, etc.) when they hear the term “intellectual property.” There is no question that patents and copyrights can be vital to a company’s success, especially if that company deals with creative work and/or sells novel products. However, the two other foundational pillars of American intellectual property—trademarks and trade secrets—affect virtually every business in the U.S. without exception. Therefore, if you’re thinking that you might refrain from speaking with a Virginia business formation lawyer until you’ve produced a novel invention or have completed a creative composition of some kind, it is time to reframe your approach.
Intellectual Property Considerations
Trade secrets refer to those processes, policies, and approaches that give a company its “edge” in the marketplace. Generally speaking, this kind of intellectual property is safeguarded through the use of contractual terms, including non-disclosure clauses and/or agreements. These should be entered into with employees, partners, and even vendors if they are exposed to your company’s trade secrets. Trademarks are company names, logos, graphics, and even URLs that are used to distinguish a company’s brand from the brands of its competitors. Even if you “only” sell your wares on Etsy, you likely need to formally register at least one trademark—your company name. If you don’t, a competitor could use that name and trademark it, then turn around and sue you for using their intellectual property. Additionally, competitors could profit off of your intellectual property which could hurt your brand in the marketplace in more ways than one.
What is a business merger?
A business merger happens when one business believes it will gain a competitive advantage by merging with another. This could be beneficial if the company being targeted has unique assets or important trade secrets that would be too expensive for a company to develop on its own, or a company may be looking to secure a larger share of the market. Whatever the reason is, mergers need to undergo a thorough vetting process which can take at least a couple of months to complete.
What does a business formation lawyer do?
A Virginia business formation lawyer routinely helps clients who are looking at a possible merger. In these cases, our attorneys can help with the following tasks:
- Deciding on a business entity: Once you determine the long-term goals of your company and weigh all the regulatory, tax, and personnel aspects, our attorneys will help you decide which business entity (partnership, LLC, corporation, etc.) is the best for your business situation.
- Financial documents: You need someone to help draft, negotiate, and review the financial documents to ensure you are getting the most favorable terms and conditions in the deal. Without an attorney, you could find yourself agreeing to less than ideal terms.
- Drafting contracts: Your attorney will also prepare and review all contracts and agreements related to the merger. These documents can include letters of intent, non-disclosure agreements, non-compete agreements, stock and asset purchase agreements, consultant agreements, employment contracts, and more.
- Performing due diligence: Your attorney will perform the necessary due diligence in order to complete the merger without any additional problems. This can include verifying that environmental compliance and regulatory requirements are followed, completing a risk assessment, performing financial and tax planning, determining cash flows, and looking for any hidden expenses.
- Handle disputes: The reason to hire an attorney before the merger is to ensure that the transaction goes smoothly and that no disputes arise. If you fail to verify that all parties’ legal rights are satisfied, you could wind up with a shareholder or partner dispute. These can be costly and sometimes devastating to a company. Avoiding these before they begin is one main benefit of having a Chicago business attorney on your side.
Using a Business Attorney After Your Merger Is Complete
Once your merger is complete, you now have the benefit of an attorney on retainer who can help you with your future business needs. We can provide legal help as you negotiate new contracts and ensure everything is in line with your business model. Contact a Virginia business formation lawyer from Dale Jensen, PLC to schedule an initial consultation. Let us assist with your merger and any other business law needs you have.
Can a Business Lawyer Help Build a Startup?
Starting your own business can be hard to do on your own. Hiring a business formation lawyer in Virginia from Dale Jensen, PLC can help guide you through each step of the process and make it run more smoothly and efficiently. Here’s where a business formation lawyer can help you out along the way of creating a startup and ensuring that it is most prosperous and successful.
Select a Business Structure
There are four main types of business structures:
- Sole Proprietorship
- Partnership
- Corporation
- Limited Liability Company or LLC
It can be difficult to select the best structure for your business’s needs, which is where a lawyer comes in. They can help you analyze your business plan and understand the various components that go into choosing the best structure, such as setup costs and tax obligations. For example, you may be exposed to more liability if you go with a sole proprietorship or partnership instead of a corporation or LLC. Your business lawyer can fill you in more on all of the different facets in detail regarding each type of business structure.
Create a Financial Plan
If you’re starting your own business, you have to make an initial investment before you begin to earn a profit. Some of the costs you’ll have to cover include utilities, insurance, licenses, rent and more. There are also other unforeseen costs that will be associated with creating a business that should be planned for. One of the most common reasons why small businesses fail so early on is because they run out of money before they’ve earned a profit. A business formation lawyer can help you draft a financial plan and ensure that you have enough money to keep things running smoothly for the first few months of your launch.
Look Over Real Estate Agreements
Unless you’re running your business out of your home, you’ll need to lease or purchase a building or other commercial space. In this case, a business formation lawyer can help you read through the fine print on various contracts and agreements you’ll have to sign before being granted access to this space.
Write Up Contracts
Contracts can be confusing, which is why it’s a good idea to hire legal counsel to help you make sense of them. No matter what type of contract is being drawn up, your lawyer should review it to make sure that all of the required information is included. Furthermore, if you’re not sure whether a specific event requires a contract, your lawyer can advise you and ensure that the correct type of contract is created. It can be difficult to start a business without any help due to all of the different facets that come with starting a business. Consider contacting a business formation lawyer today from Dale Jensen, PLC to help guide you through each step of the process and ensure that your business is on the path to prosperity.
3 Common Business Legal Structures
If you are starting a small business, you might be wondering if you need a business formation lawyer in Virginia such as the ones available Dale Jansen PLC to help you form your business. And really the answer to this question is that it’s going to depend on you and the type of business that you are forming. You might not know the advantages of incorporating a small business, or what is a partnership agreement or how proprietors are taxed. All of these things are very important when you are running your own business, and so is choosing the right business organization form or getting assistance in creating the business you are trying to create. A business formation lawyer in Virginia such as the ones available Dale Jansen PLC are the perfect people to help you do this. They have an experience that you need, they are going to have the necessary experience to write and draft contracts and ensure they are legally binding and much more. A big part of running a business is knowing the different business structures, which are listed below:
Sole Proprietorship
A sole proprietorship is a type of business that is owned and ran by one person. This leaves this person with no legal distinction between owner and business, and is one of the most common forms of structure for small businesses. This business is taxed via pass-through taxation, which means the business does not file a tax return but owner reports are on their personal taxes via a form 1040. All liabilities falls upon the owner, an individual running a sole proprietorship, however you can mitigate the risk by purchasing insurance and creating contracts to ensure liability is stated in said contract.
General Partnership
A general partnership is considered being the association between two or more people that are in a business seeking a profit from that business. Partnerships are created with very little formality, oftentimes with a partnership agreement. This agreement typically stipulates the terms of the partnership and formalizes the rules for profit and loss and how the ownership percentages are divided. Owners have unlimited personal liability if each person involved in the business is jointly liable for partnership obligations. A partnership is again not a taxpaying entity, which means a partnership must file an annual information return from form 1065 report income and losses of operation but they do not pay federal income tax. This means that profits and losses are passed through to the owners based on the profit sharing percentages in the partnership agreement and each partner pays taxes on the share of the profit and loss.
Limited Liability Company
This is a hybrid between corporation and general partnership and considered to be a hybrid between sole proprietorship as well. Owners of an LLC are called members and members can include individual corporations, individual people, other LLCs and foreign entities. LLCs can even be consisting of one person. An LLC is considered to be a pass-through entity for all tax purposes which means business income passes through the LOC members who report their share of profits and losses on their individual tax return. LLC members are protected from personal liability for business debts and claims, due to having a future known as limited liability. This means if somebody is in a business with limited liability and they owe money or face lawsuit, only the assets of the business are at risk. Reach out to a business formation lawyer in Virginia today for all of your business needs.
Business Formation Lawyer Virginia
If you are in need of business advice, don’t hesitate to call a business formation lawyer in Virginia from Dale Jensen, PLC right away. As soon as you start building your own business, you are sure to hear different kinds of advice from those around you. But, most of all, it will probably come from those who don’t actually know too much about running a successful company on their own. If you search the internet trying to find information on how to get going on your business, it is easy to feel overwhelmed. The best thing you can do is not over analyze or over complicate your journey, and instead hire a lawyer who can guide you along the way. Here are examples of questions that new business owners often ask a member of our team during a consultation:
What business structure should I pick?
Prior to launching a business, you must pick how you want your business to be structured. If you do not formally create a business entity, your business will be considered either general partnership or sole proprietorship. By law, you and your business will be the same entity, so if the business counters debts or a lawsuit, you are liable personally for these obligations. Furthermore, it’s important to assess your options and choose carefully because this pic will impact how your business is managed, owned, and taxed.
What should I know about picking a business name?
You may already have some ideas about what name you’d like for your business. But, you must consider any potential legal problems prior to ordering business cards and signs. Each state has rules about the names that you can choose for a new business entity. And you cannot pick a name that another business already has. In addition, it’s risky to pick a name that may infringe on another business’s trademark. If you think you will want to trademark your business name, then you’ll have to pick one that meets criteria for trademark protection. A Virginia business formation lawyer from our law firm can explain these rules and further detail and help you research your options.
How can I reduce the risks as an employer?
There are state and federal employment laws that apply to your business. You may risk penalties, fines, or litigation if you do not understand the laws that you have to be in compliance with. There are also state laws you must abide by that relate to things such as minimum wage pay. If you will be employing people for your business, it’s advised that you get insight from a lawyer knowledgeable and business formation as soon as possible.
What to Know About Corporate Law
Business Formation Lawyer, Virginia
Starting a business is an exciting time. It is something you’ve probably wanted to do for years, and you’ve spent ample time preparing and planning for it. You’re likely aware by now that you can’t “go it alone” and be successful in business. You need to work with suppliers, hire a staff, connect with those who will help you market your venture, etc. As you navigate this exciting and intimidating time of transition surrounding the launch of your business, you’ll also want to connect with an experienced Virginia business formation lawyer. The legal team at Dale Jensen, PLC can help you navigate virtually all of your business-related legal needs both now and moving forward. You may not always know when it makes sense to consult a Virginia business formation lawyer with your questions and concerns. In general, you should feel free to speak up whenever you’re in doubt (as legal challenges are easier to troubleshoot proactively). However, you’ll want to connect with a Virginia business formation lawyer for sure any time you find yourself in the following scenarios:
You Want to Form a Company
Once you get the idea for a new business venture, you may want to take the plunge and get it started. However, there is a lot that goes into creating a business aside from stocking it and spreading the word. One thing you’ll need to consider is forming your company with a viable legal structure can serve many functions as it grows. Depending on the type of business you establish, the legal structure can protect personal assets, create shareholder agreements with investors, and delineate voting rights. An experienced Virginia business formation lawyer can help you choose the structure that best suits your business model and can help you launch your endeavor successfully.
You Need a Contract
Companies rise and fall as a result of contracts. Business contracts come in many forms, including those with vendors, subcontractors, employees and others. Contract law can be confusing, especially when it comes to understanding the legal terms and conditions many contracts contain. Whether you need something reviewed or drafted, an attorney experienced in matters of business law can help. Before you sign anything, you want to make sure it is accurate, enforceable and beneficial to your company.
You Need to Deal With the IRS
Business taxes are influenced by many factors. The way your company is formed, for example, may dictate the tax structure. Business tax reviews are critical, so you can avoid becoming the subject of an audit. If you find yourself dealing with the IRS, a business attorney may be able to help you get through. Communication and documentation are critical when it comes to proving your case with the IRS.
You Need to Hire Staff
There are federal rules and guidelines dictating employment. Anti-discrimination acts, for example, help ensure that people of all races, genders and ages are treated fairly. To avoid being slapped with a discrimination suit, you may want to consider consulting with a Virginia business formation lawyer who knows the ins and outs of hiring laws before you begin staffing your new business. They may also be able to help you create an employee handbook that sets forth expectations the business has for all who work there. This may save you a great deal of time and trouble down the road. Contact Dale Jensen, PLC today.
Contact our Law Firm Today
Creating and launching a new business is a very exciting time. It is important to understand the laws that affect your business, and how to prevent potential issues from arising. A business formation lawyer in VA from Dale Jensen, PLC Is ready to speak with you today about your business formation.
Legal Assistance Is Available
If you haven’t yet scheduled a risk-free consultation with the experienced Virginia legal team at Dale Jensen, PLC, please don’t wait another day to do so. Safeguarding a company’s intellectual property is so critical to the potential success and stability of a business model that it is among the most consequential challenges that business owners are compelled to navigate. Our team can help you do so efficiently and effectively. We look forward to speaking with you.