Forming a business involves many considerations and consists of multiple applications and legal processes. This can be stressful for someone who is unfamiliar with this undertaking. That is why prospective business owners choose to hire counsel with experience and knowledge in the area of business formation.
Before you meet with an attorney, ask yourself the following questions:
- What is my desired business name?
- Is my chosen business name available? (You may do a “name check” through the Wisconsin Department of Financial Institutions Corporate Records.)
- Who should be appointed as registered agent for the business?
- What are some likely risks and opportunities related to the business?
- What is my desired level of formality for the structure of the business?
A discussion with counsel regarding the background and goals with respect to the business helps in determining other issues, such as business structure (e.g., limited liability company, corporation, partnership, etc.) and tax elections to fit your business structure and goals, along with legal documents governing the business. After your business is formed and other issues arise, counsel can provide ongoing support, including managing risks or liabilities, compliance and tax support.
If you should have questions regarding this topic, please contact Lin Law LLC at (920) 393-1190.