Have you wondered about the best direction for your business when selecting the perfect legal protection?
Do you ever feel overwhelmed with the overabundance of information through courses or when you’re searching specific keywords?
As a dedicated and work-focused entrepreneur, you want to provide the very best services to your clients. Therefore, reaching out to a professional, one who knows exactly what is needed to allow you to keep your income flowing without wondering about the legalities, is a smart way to go for the benefit of your business.
According to a small business survey featured in a December 2021 article in Forbes, “60% [of small businesses] had worked with an attorney in the past year. That leaves 40% of small businesses who had not worked with an attorney.”
Due to the potential issues that could arise if your business isn’t covered by legal protection, procuring an attorney will be essential to peace of mind. They can assist with invaluable guidance to ensure all areas of your business are legally on point.
The following are benefits to entrusting an attorney and an accountant to set you up for powerful success.
Increased Knowledge Base
Trying to navigate through the varying options for how to run your business effectively and efficiently is a task in and of itself. A very time consuming one at that. When an attorney is selected, the insight they provide is an immense asset. They know the right avenues to pursue to get a large company or small business to where they can be covered in the event of unfortunate circumstances.
Some ways where a business can vastly benefit from having the support of legal protection that an attorney will provide include; corporate law issues, litigation matters, conflict resolution, and many more. They can also advise you on the best course of action with creating and maintaining a non-profit in the right way. Also, an attorney can extend advice to ensure a catastrophic situation, such as fraud will not arise within your organization.
Tips to Determine the Type of Entity that Will Work Best for Your Business
When it comes to the selection that will be the best fit for your business needs, there are two legal entities that can be brought into consideration.
First is the limited liability. This one is highly recommended for the majority of small businesses. This is a more simplistic entity that is suitable for most purposes of operating small business companies. The criteria isn’t as surmountable when you choose limited liability. For example, it’s not necessary to employ directors or have annual meetings. Limited Liability entity is an ideal option to take into consideration.
The second legal entity is a corporation. This applies to businesses where you may be offering stock options to employees, or you will be taking seed round capital from investors. The seed round capital is the start up funds for an entrepreneur to get their business up and running.
Keep in mind that there are inappropriate entities when referring to an LLC, for instance if a business owner was going to be an engineering firm. Another thought to consider is to pay attention to what your growth strategy is, and how you want to capitalize, because depending on this information you may determine that you want to form a corporation there. An attorney can take the guesswork out of these decisions and help establish the best course of action in which entity to go with.
Assistance in Recognizing Tax Planning Procedure
When an entrepreneur is well advised, they will have the ability to determine if specific laws are being followed. If you have established a corporation entity, taxes become significantly more complex to file. There is caution against not consulting with an attorney in this area, as there are many tax considerations in tax planning when creating your business. In this area it is a great idea to contact an account attorney. They are equipped with knowledge of the specifics in tax handling procedures. A focus on your businesses growth strategy and access strategy is important because there are specific tax breaks for certain corporations.
Another piece of information to think about is in the formation of S-corps. It is important to realize that this isn’t a legal entity. In most cases it is a great idea to form a company in the state where you will primarily do business in. Again hiring an attorney is an excellent route to take to give the essential knowledge
Advantages of an LLC
When an LLC is established there is exceptional value in acquiring this entity. The business is entitled to what is known as pass through taxation, which essentially means that the income from a rental property for example will go straight onto the business owner’s tax return.
Finalizing the Decision to Hire on a Well-Informed Attorney
As a laser-focused entrepreneur, trying to learn everything on your own is an incredibly daunting and unnecessary task. Professionals know success comes when a leader is able to effectively delegate tasks. Due to the excessive amount of information that goes into law and regulations regarding business owners, it’s extremely advisable to reach out to an attorney who cares about securing your assets.
In addition to all of the benefits listed above, comfort in knowing who you can trust is at the forefront of implementing legal protection. Media – The Creative Agency would like to highlight Mike Nicolella as an attorney who can assist clients just like you in a variety of ways you need to secure your business so you can thrive. Mike is a Senior Attorney at Strassburger McKenna Gutnick & Gefsky and is an expert in the representation of small businesses and nonprofit organizations alike.
Nicolella recognizes the importance of reaching the right audience of people, to effectively pour their message of legal protection to the individuals and partners who need to hear it the most. Corporate law is where he is knowledgeable and knows he can help many through the proper marketing planning. Nicolella was transparent in his experience seeking the services of Media – The Creative Agency, stating, “It’s been fantastic.”
It opened Nicolella’s eyes to how imperative it is for an entrepreneur “to work on their business, rather than in their business.”
If you are someone who is looking to enhance the image of you and your business, be sure to check us out at Media – The Creative Agency. We would love to personalize the way your business is portrayed through stunning photography sessions!
Nicolella advises that a good time to reach out to an attorney is when the business decides to bring on employees, as this action requires further counsel by an attorney.
If you would love to learn more about Mike Nicolella, and how he can be of service to you, feel free to reach out to him on Strassburger McKenna Gutnick & Gefsky’s website and or on his LinkedIn page.
Look below to view the phenomenal photos we captured of Mike Nicolella!