Small Business Legalities
Detroit has been a boomtown for new business over the past few years. While there are tons of opportunities abvailable for entrepreneurs it is important to have the correct business structure in place to make sure you and your partners interests are adequately protected. All too often, people go into business together without the proper planning. I have gone to court in protracted legal battle numerous times because business owners failed to properly set up the business in the first place. An ounce of prevention truly is worth a pound of cure. If all parties’ respective rights are set forth in the appropriate instruments from the beginning, there is nothing to argue about further down the road.
When forming a business, it is important to have a seasoned attorney prepare the correct documents to prevent headache down the road. For corporations, that includes Articles of Incorprations, Resolutions, Stock Certificates, and By-Laws. For LLCs, that includes Articles of Organziation, and Operating Agreements. Whether a corporation or LLC is best for you, in either case, you need to get the appropriate tax numbers, include a FEIN or Federal Identification Number, State Tax ID Number, and Local Tax ID Number.
Make sure your business is properly set up to protect you and your partners from personal liability. Call today for a free consultation!