As a small business attorney, a question I often hear is — do I need a lawyer to form an LLC? The answer to this question is no. Forming an LLC is an easy process that involves completing a simple form and paying a fee to the state. However, the better question is — how do I know that an LLC is the right type of entity for my business?
An LLC is one of many forms your business could take including a sole proprietorship, partnership, professional association, or corporation. Within each of these entity types are several sub-types such as S-Corporations or C-Corporations. Moreover, there are special considerations for non-profit entities or business that will do business overseas. Although an LLC is the right business choice for many small business owners, it is not one size fits all. Moreover, selecting the right business can have major effects on your personal liability, taxes, or ability to sell or transfer ownership in the business.
In addition to ensuring you have selected the right business entity, a knowledgeable small business attorney can also help with other legal aspects of opening your new business, such as drafting employee handbooks, forming standard contracts, ensuring you have the proper licenses and permits and so much more. And, because an experienced small business attorney has worked with many small businesses before you, he or she does not need to “reinvent the wheel” for each new client keeping legal costs lower than you might expect.