austin tx contract lawyer

Business Formation Attorney

Do you have a great business idea and are ready for the next steps of making it a reality? Starting a new business requires knowing what your business will be and how it will operate. If you are not familiar with the legal aspects of starting a business, then you need to hire a lawyer who can help you with this process.

Starting a business raises various legal, financial, regulatory, and tax issues. You may want to consult with a business formation attorney for advice on all these matters. An experienced attorney who understands the nuances of starting a business can help you navigate through all aspects of formation.

If you have never started a business venture before, it may seem like an overwhelming task. Fortunately, the attorneys at Kelly Legal Group are here to assist you every step of the way. We offer a free consultation to get to know you and your situation. Then, we’ll work together to create a plan that is tailored specifically to your needs. Our goal is to make sure you can start your business as soon as possible.

Our Business Formation Services

No matter what industry your business belongs to, there are specific steps involved in starting a business. Some companies require more formation documents and paperwork than others. Other companies do not require any paperwork, but still need licenses or permits from local authorities.

Regardless of whether your business falls into one of those categories or something else entirely, our knowledgeable team of attorneys can guide you through each step of the entity formation process. Here are some of the services we provide for your business entity:

Business Structure Options

We can help you decide which type of business structure best suits your particular circumstances. There are four basic types of business structures: limited liability, sole proprietorship, partnership, and corporation.

Each has its advantages and disadvantages. The right choice depends on many factors, including your personal preferences, the nature of your business, and your goals.

Limited Liability Company (LLC) 

Limited Liability Companies (LLCs) are a hybrid form of business organization. It combines the benefits of both corporations and partnerships. This means that you retain ownership of your business while also having limited liability protection.

The LLC is particularly useful if you are planning to sell your business within a few years. In addition, it allows you to avoid double taxation on profits earned by your company.

Texas Series LLC

A Texas Series LLC is a type of limited liability company that provides liability protection and tax advantages across a series of LLCs, each of which is protected from the liabilities arising from the other LLCs within the same series.

This is analogous to a big corporation with several subsidiary entities underneath it, but with the ease and flexibility of a limited liability company. Each LLC within the series can have its own name, organizational structure, and assets legally separate from the others. All under one filing.

The Texas Series LLC is rapidly becoming a preferred vehicle for real estate investors, and Series LLCs make a lot of sense for several classes of investors. The beauty of Series LLCs is that they allow the individual forming them to create several distinct entities and receive all of the benefits of multiple limited liability companies, with only one filing.

Sole Proprietor

A sole proprietor operates their business as an individual. They are responsible for all tax obligations, filing corporate reports, and complying with regulations. However, they do not have limited liability protection.

Any debts incurred by the business belong solely to the owner as a personal liability. This means that if anything goes wrong, the business owner could lose everything.

Partnership

A partnership is formed when two or more persons combine their resources to run a business. The two or more partners share ownership interests like profits and losses equally. One partner can buy out another partner at any time.

The partnership agreement must be signed by everyone involved in order for the partnership to exist. If anyone leaves the partnership, the remaining partners must dissolve the partnership within a set period of time.

Corporation

A corporation is a separate legal entity created under state law. It is a formal organization that has shareholders, directors, officers, and employees. Corporations are taxed separately from individuals.

Instead of sharing profits and losses, shareholders receive dividends based on how much profit the company makes. In addition, shareholders are liable for the debts of the corporation. If the corporation fails, all shareholders become personally liable for the debt.

No matter what type of business you want to start, you must file appropriate documents with the state. These include articles of incorporation, operating agreements, and necessary tax forms.

Our attorneys at Kelly Legal Group can assist you through each step of this entire process. We can even prepare any documents for you so you don’t have to worry about them.

Licenses and Permits

In addition to forming a business, you may also need to obtain various licenses and permits before opening your doors. For example, you might need a liquor license, a food permit, a health permit, a building permit, or an occupational license. Again, you should check with your city’s government office and the Secretary of State office to find out what you need.

This process can be complicated and confusing. Our lawyers can walk you through every step of obtaining the necessary licenses and permits. We can also help you understand your formation options and make sure you choose the most suitable one for your situation.

If you’re unsure where to begin, contact us for a free consultation today. Our dedicated team of attorneys can walk you through every step of the process.

Contracts

Once you’ve started your new business, you’ll likely need to enter into contracts with other businesses and individuals.

A contract must be written in a way that manages risk, limits liability, and avoids unintended outcomes. The best place to look for legal advice regarding contracts is your attorney.

Our attorneys can guide you through many different types of contracts. We can review your existing arrangements and advise you on whether changes are needed. We can also draft new contracts for you.

Filing Taxes

You may need to pay federal, state, and local taxes, depending on where you operate. In some cases, only you may owe sales tax. Other times, you may need to collect sales tax from customers.

Tax laws change frequently. As such, we recommend contacting an accountant or lawyer who specializes in taxation. They can help you determine which taxes apply to your business and which ones do not. Many attorneys also are very familiar with the Internal Revenue Service and can help you get favorable tax treatment.

We can also help you file your taxes correctly. We know the ins and outs of filing taxes because we specialize in this area. Call us today at (512) 505-0053 to speak with one of our experienced business formation lawyers. We offer a free initial consultation.

Insurance Requirements

Your insurance requirements depend on the type of business you run. You may need commercial general liability insurance if you own a restaurant. This protects you against claims made by third parties.

If you work as a contractor, you may need workers compensation insurance. Workers compensation covers medical costs incurred by employees injured while working. It does not cover damages caused by your negligence.

As part of starting a business, you may need other types of insurance coverage. Talk to your agent to see what else you may need.

Our firm has years of experience helping clients navigate the insurance landscape. We can answer any questions you may have about insurance requirements.

business partnership agreements

Business Transactions and Litigation

In addition to establishing your business, you may need to conduct transactions with others. These could include buying equipment, selling goods, or entering into leases.

These transactions often involve complex agreements. Our attorneys can help you negotiate these agreements so they protect both parties. We can also handle any litigation related to these agreements if things go wrong.

Our attorneys have extensive experience handling all types of business transactions. As a result, we can help you avoid costly mistakes and ensure that you deserve everything.

Our Firm’s Experience With Businesses

The lawyers at Kelly Legal Group understand how important and complicated it is to start a business. That’s why we take the time to listen to each client’s needs and goals. We then use those insights to craft a plan designed specifically for them.

We understand that starting a business takes a lot of hard work. We’re here to support you through every step of the process. From drafting documents to reviewing contracts, we can help you succeed. Contact us¬†today to learn more.