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Anyone seeking to start a business in the state of Maryland deserves congratulations. If you are such a person, you clearly have a specific skill set, a desire to make your own way in the world and the determination to make your dreams a reality. What you most likely do not have, however, is experience with the laws governing small business formation. The attorneys at DuBoff & Associates, Chartered have more than 50 years of combined experience with business formation law and are ready to advise any entrepreneur today.
The first question for anyone looking to start a business is which sort of legal business structure to adopt. There are benefits and drawbacks to every common business structure and the right one for you depends on your goals, the number of people involved in your business, your personal assets and the amount of direct control you wish to personally retain over your business. The most common types of Maryland business structures include:
The one thing that should concern a small business owner most is separating personal assets from those of the business. With the proper business structure and operating agreement in place, your personal assets will be safe should your business be sued or otherwise run into difficulty.
It is also essential to properly draft these agreements if you have partners. You should always clearly document the relationships and responsibilities of business partners as well as the general practices by which the partners agree the business should be run. If your relationship with your partners breaks down or a partner becomes incapacitated or chooses to leave the company, this document will be significant to the future success of the operation.
The skilled attorneys at DuBoff & Associates, Chartered, can help you navigate the often complicated process of starting a small business from drafting agreements to handling wills and estate planning for succession planning. You can focus on doing your work while handle all of the legal details.
A carefully crafted agreement is also essential to protect you from litigation should your relationship with your partners disintegrate.
At DuBoff & Associates, Chartered, we realize how important legal support is to anyone trying to start a small business. We have more than 50 years of combined experience helping small business owners with a range of these legal issues and with other financial issues such as wills and estates. Our firm serves clients in California, Washington, D.C. and throughout all of Maryland, including Bethesda, Bowie, Rockville, Germantown, Easton, Laurel, Silver Spring, Montgomery County and Prince George’s County. Contact us online or at 301.495.3131 today.