Starting a new business in Pennsylvania involves many decisions, all of which will impact how your business is taxed, and if not completed correctly, could potentially expose you to personal liability. While you can complete the initial steps on your own, consulting a Pittsburgh Business Formation attorney will help you avoid mistakes and become better prepared for unexpected situations.
The purpose of this article is to educate you on what to expect when starting a business, how to determine when you need to work with an attorney, services an attorney can provide, and why Auld Brothers Law Group is the best choice for your business formation needs.
Starting a Business in Pennsylvania
When starting a business in Pennsylvania, you create a legal separation from yourself and your business. In the event of a legal issue or lawsuit, this separation helps to protect your personal assets. Additionally, you can file all personal expenses you spend involving your company as business expenses.
Typically, it takes a few days to complete the necessary paperwork than a few days waiting on approval once you submit it to the Pennsylvania Department of State. It’s important to note the more detailed your business, the longer it will take to complete all the documents and receive approval from the state.
How to Determine if You Need a Pittsburgh Business Formation Attorney?
You might be wondering how to determine if you need a lawyer’s assistance. Below are reasons you might want to request help from an experienced Pittsburgh Business Formation attorney.
1. You Need Help Answering Questions
Some common questions you might have include:
- What are the benefits of incorporating a small business?
- What should I include in a partnership agreement?
- How is a sole proprietor taxed?
- What is the correct business organization form for me?
2. You Need to be Educated on Selecting a Legal Structure
When forming your business, the first step you’ll take is selecting the type of entity you want. Each option has its advantages and disadvantages depending on your needs.
You can choose from:
- General or Limited Partnerships – 2+ partners share the assets, profits, and financial and legal liabilities.
- Limited Liability Companies (LLC) – simple business structure and minimal requirements to maintain filing status.
- Sole Proprietorship – single owner and has no legal distinction between the owner and the business entity.
- Subchapter C Corporations – shareholders and the company are taxed.
- Subchapter S Corporations – 100 or fewer shareholders and taxed as a partnership.
3. You Need Assistance in Drafting and Filing Documents
Depending on which legal structure you select for your business will determine how much paperwork you’ll need to complete. For instance, LLCs are the most common business entity and have the smallest total of requirements.
Your lawyer can provide you with assistance to draft the forms to ensure your personal assets are protected while covering all your legal bases.
Services a Pittsburgh Business Formation Attorney Provides
Along with providing legal advice and answering your questions, a Business Formation attorney also offers the following business formation services.
- Develop business objectives
- Make financial decisions
- Meet ongoing compliance requirements
- Select and set up your business entity
- Form operational plans, schedules, employment contracts
- Settle disputes
- Assist with mergers and acquisitions
- Review, draft, and finalize arrangements for:
- Buy/Sell agreements
- By-Laws and operating agreements
- Non-compete agreements
- Service agreements
- Shareholder and partnership agreements
5 Benefits of Working with Auld Brothers Law Group
Starting your business off on the right foot is an essential part of success, so working with a business formation expert only makes sense. Rebecca A. Auld is Auld Brother Law Group’s Firm Principal, and she is a knowledgeable and well-respected Business Formation attorney in Pittsburgh.
Here are five reasons why working with Rebecca will set your business on the path to success.
#1 She’s well versed, in Pennsylvania business laws.
#2 She can foresee potential and future problems and plan against them.
#3 She can help as your business grows, including resolving conflicts through business litigation and business succession planning.
#4 She’s familiar with different strategies and potential obstacles for small and mid-sized companies.
#5 She can assist with your business and personal needs.
Work with a Reputable Pittsburgh Business Formation Attorney
We are a fourth-generation law firm committed to helping individuals and their families in and surrounding the Pittsburgh community. Allow us to show you why we are the right law firm for your business. Schedule a free, 30-minute consultation with us!