You have an idea for business. So, should it be registered as an LLC (or Limited Liability Company), partnership, a sole proprietorship, or a corporation? You can refer to this as Choice of Entity, and it is an important fundamental step when starting a business. Fortunately, a lawyer from an Elgin business law firm can help you with this.
Along with helping you with Choice of Entity, here is a list of other ways that a business lawyer can be helpful:
Attend to Different Legal Concerns Accordingly
As you enter the business world, you will realize that the laws that govern business and founding one are convoluted. To ensure compliance, you will need to adhere to many regulations, follow procedures, and fill out forms.
Especially if you are a first-time business-owner, processing all these requirements for compliance can deter you from moving forward. However, an Elgin business law firm can come to your rescue; the company can send a lawyer to handle every requirement on your behalf.
Outline Corporate Governance Documents
A business lawyer can also help you outline corporate governance documents, which can allow you to define and govern business activities. Examples of corporate governance documents are:
- Operating agreement – details the shares, responsibilities, allocation of profits and/or losses, etc. involving all business-owners
- Bylaws – details the structure of your business
- Capital Call Agreement – details the consequences for business partners who cannot contribute funds
Represent You in Litigation
Additionally, a lawyer from an Elgin business law firm can be helpful in the event that you get involved in lawsuits. Litigation, after all, is expensive and time-consuming.
Final Thoughts
Besides the aforementioned ways, another major benefit of consulting with a lawyer from an Elgin business law firm is freedom. A business lawyer grants the freedom to concentrate on the most vital aspects of your business to you. With him on board, he will worry about the procedural and legal concerns on your behalf; you can focus on developing ideas, strengthening existing strategies, and considering other means that can further the potential of your business.
Jackson Abdalla Law Group, based in Elgin, Illinois, represents clients located throughout Chicago and Kane County. Aside from its services concerning the business law, it also specializes in real estate and estate planning.
