While you may have started out your business as a small operation in your home with just yourself as an employee, you have seen the business start to develop and grow beyond those initial stages. Your business now has greater viability and potential and you may be ready to move on to where you need a larger facility, more equipment and employees to assist you. Before you start taking bigger steps to do all of these things, you want to want to make sure that your business has been set up correctly so that you have the proper protections. You want to make sure you look into business entity formation so you can protect your assets.
Avoiding the Risks
When you start a business of your own, your own personal liability for what goes on can be practically unlimited unless you have taken the time to form a proper business entity. This means that anyone that feels they have been wronged by something that is related to your business can sue you not just for damages from your business but they can attach to all of your personal assets as well. This puts your personal finances such as bank accounts, your home and any valuable assets you may have at significant risk. The only way you can avoid potentially losing everything is to make sure you have formed your business as the proper entity. There are different types of business entities for you to consider and you need to know which best apply to you so you can be sure you perform the right formation.
Getting Help Along the Way
At a time like this it is in your best interests to reach out to an attorney that is experienced and can help you with business formation. You may want to look for an LLC formation attorney if you are looking to establish a limited liability corporation for yourself. This type of business formation is perhaps the most common among small business owners and it can help provide you with the protection of your personal assets that you need. This formation will also help you when it comes to filing taxes so you can make sure the business filings are done correctly so you do not run into any problems. A lawyer can go over all of the possibilities with you to make sure that you completely understand everything and file the right paperwork to get your business formed correctly.
Selecting the right entity for your business is crucial to you and not to be taken lightly. If you want the proper protections you need to make sure the process is done the right way. If you want an Austin LLC attorney to help you understand the process, then make sure you speak with The Law office of Jack Quentin Nichols. Mr. Nichols can meet with you and discuss your business and then guide you in the direction you need to go so you can be sure you form the right business entity.