Being a small business owner can be very rewarding and lucrative. However, there are many different steps you need to take to ensure your best chances of success. Any misstep in the process of starting your own business can threaten your success and can even be detrimental to the entire enterprise. Because of the number of legal issues you face and the importance of each decision, it is best to consult with a New Jersey business formation lawyer if you are an entrepreneur looking to begin a new enterprise.
One of the first and most important decisions for small business owners is how they will legally form their company. Each type of business entity has its own legal requirements, as well as tax and liability implications, so this decision should never be made without considering all of your options and relevant factors. Some options you have include:
- Partnership or sole proprietorship
- Limited liability company (LLC)
Licenses and Permits
Depending on the nature of your small business, you may require certain licenses and permits to operate legally under New Jersey law. It can be difficult to know all of the necessary licenses and permits that may be required on both the state and local level. An experienced business attorney who is familiar with the laws in your area can advise on all requirements and help ensure you are in full compliance when you start operations.
A major part of conducting business is entering into contracts and this starts right at the beginning for many entrepreneurs. First, if there are multiple owners, you will want to have an operating agreement in place to set out important management rules and to prevent future owner disputes. Next, if your business has a physical location, you will likely need to sign a commercial lease. Commercial lease agreements can have many provisions that can hurt your business, so it is essential to have an attorney review any lease for space or equipment before you sign it.
Call 732-422-1000 today to schedule a case evaluation.
At the law office of Borrus, Goldin, Foley, Vignuolo, Hyman & Stahl, P.C., our skilled New Jersey business attorneys have assisted many small business owners in the process of successfully starting your own business. We then can provide ongoing advice regarding any legal issues that may arise during the course of your business. We build relationships with our commercial clients so that we can provide the best assistance possible. Please call today for more information about our services.