As a small business owner myself I enjoy working with entrepreneurs. When they come to me for legal advice to open a new business, I recommend taking a two-step approach. First, we determine how to get into business and address the legal problems they may encounter as a business owner. Second, we decide how to get out of business. We create a way to ease the transition.
Legal Strategies for Businesses
This approach goes beyond the legal documents and into a legal strategy. As an attorney I am often in a role of advisor. This often means I need to go beyond being a document vending machine and more of a planning guide. Forming a limited liability company (LLC) is one of the first steps we take.
Limited Liability Protections
If you don’t form a business entity with limited liability protections, such as a corporation or LLC, you are in a vulnerable position. You’ll be operating without the protections of the law, and liability is a concern. If you’re taken to court, you face the potential of losing not just your business, but your personal property and assets, too. There’s zero protection. You’re totally exposed.
Flexibility of Organizing as an LLC
One of the most common organizational forms to provide limited liability is called a Limited Liability Company, or LLC. With an LLC, business and personal finances are separated, and personal finances are protected from lawsuits, business debts, and loses. What makes and LLC so appealing for many is the flexibility it gives to the owner or owners. An LLC can be created for a sole proprietorship, a partnership, or a corporation. This means that it can be as formal or informal as the members of the LLC desire.
Process of Filing as an LLC
In Wisconsin, it’s stupid-easy to form an LLC. The Department of Financial Institutions has a fill-in-the-blank form on its website. Individuals enter their information and pay a fee. The Articles of Organization used to form an LLC require the name of the organizer (essentially, the person filling out the form) and the registered agent (the person who accepts the official correspondence and is publicly associated with the company). Filling in these blanks may be as simple or sophisticated as an owner wishes, handled with or without an attorney.
Complimentary Consultations for Business Owners
Suddenly, you’re an LLC. Isn’t that grand? Yet there’s more to consider. You need to determine the legal, operational, and tax implications involved in launching a new company. You also need to choose the right organizational structure (sole proprietorship, partnership, S-Corp, C-Corp). There’s a lot to decide! Shanley Law LLC can help you sort things out at a complimentary consultation. Together we can determine the business strategies you need to form an LLC and successfully get your company off the ground.
About Us: Attorney Devin Shanley is the approachable expert clients can trust. A native of Green Bay, Wisconsin, Devin has been developing legal solutions in his beloved hometown since 2012. Married to Mo and dad to two rambunctious kids, he has a soft spot for the Green Bay Packers, grilling out, and playing with his kids. His areas of practice are Estate Planning, Family Law, Business Law, and Non-Profit Organization Law. Schedule your free consultation by calling 920-471-4337.