Incorporating your business adds legitimacy to it while also formally spreading out the responsibilities associated with it to your corporate partners. Yet with it also comes added liabilities, among which are new tax regulations. Many business owners and executives who (like you) have considered incorporating have come to us here at Palmer & Manuel PLLC questioning how they might enjoy the benefits of being a corporation yet still enjoy some of the special treatment afforded to small businesses. One way to accomplish this can be incorporating as an S corporation.
Forming a business as a partnership is exciting. But even if you run the business with a best friend, close family member or trustworthy colleague, you never know when things can go sour. A partnership dispute can cause your business to falter, especially if you do not have a strong agreement in place. In our experience, typically a successful business produce more disputes than a struggling business. With a division of responsibilities, there will be natural differences in expense reimbursement, re-investment goals, and even procedural policies. These disagreements may seem small, but add up over time and can fracture even the strongest relationships.
There are basic steps that need to be taken when trying to get a business off the ground. We suspect that is something that any would-be entrepreneur in Dallas can appreciate. You need a great idea, of course. You also need solid planning that takes all potential business legal matters into consideration. And part of that plan should include an exit strategy.
Ah, the days of childhood when you could set up a crayon drawn sign on a corner, wheel out a wagon and start selling lemonade to passersby. You still may see some of these pop up businesses around Dallas on a hot summer day, but they are fewer and farther between than they used to be even 10 years ago.
If you are thinking about forming your own business, you are likely concerned about three primary issues. First, you are likely concerned about the financial investment necessary to get your business off the ground. Second, you are likely concerned with numerous matters related to the operation of your business. Third, you are likely concerned with the legal paperwork you need to file in order to get your business recognized and protected.
When forming a business, it is important to be forward-thinking. It can be difficult to embrace this mindset at times, given that setting up a business often requires you to be very focused on the present moment. But as you sift through all the legal paperwork, the practical purchases and the innovations that will allow you to open your business’s doors, it remains imperative that you think beyond opening day when considering numerous business-related concerns.
Congratulations on deciding to start a business in the state of Texas. Owning your own business can be one of the most rewarding experiences life has to offer, and many people never look back after finding out what it is like to be their own boss.
Startups are a vital part of the economy in Dallas and the country as a whole. In 2009, however, there was a steep decline in the number of new startups in the U.S. Mostly attributed to the Great Recession, which began in 2007, the drop was likely a sign that fewer people were willing to take risks by starting their own business.
If you are a business owner or you are contemplating the process of starting your own business, you likely have some familiarity with contracts. As you are likely aware, contracts are meant to be legally binding documents. As a result, it is vitally important that contracts are drafted in specific ways, as certain missteps in the drafting process can render sections or the entirety of contracts unenforceable.
Running a family business can be a uniquely rewarding experience. Sharing in the everyday triumphs and challenges of business operations with loved ones can deepen family bonds and create invaluable memories. In addition, it can be comforting to know that you have a shared history with your business partners and associates when your enterprise is “all in the family.”