Business Formation

Ensure a strong foundation

You have a great idea for a business, or maybe you’ve been operating your business for a while now. In either case, it is a good idea to ensure your business is properly structured and optimized. We help your business reach its true potential in several key areas, including:

• Naming and trademark research
• Business structure selection
• Determining optimal tax treatment
• Developing ownership agreements
• Registering businesses
• Getting licenses and permits
• Protecting intellectual property
• Making contracts and policies
  

Helping every step of the way

Here are some of the specific ways in which Prescott Civil Law can help your business.

Choosing an Entity (Business Structure): The type of entity you choose for your business will determine the parameters of how you can structure your business, including how your business will be managed and whether any owners of the business will be protected from liability for the business’s debts and obligations. No other single choice will affect so much about your business, from its day-to-day operations to its potential for growth. Ideally, this choice should be made early on - before seeking financing or signing any contracts. (Contracts should be signed in the name of your business, not in your personal name, once it has been formed.) You may be able to restructure or convert a business you’re already operating down the road, but be careful as there may be tax consequences and other costs for doing so.

Determining Your Tax Treatment: At the same time that you’re thinking about the right entity for your business, it is a good idea to think about how you would like your business taxed. Do you want it to be taxed separately from you? What advantages might there be in doing so (or not)? Do you want the flexibility to elect a different your tax treatment (without restructuring your entity at the state level) as your business grows or your needs change? Which of the five primary tax treatment options is optimal for your business?

Developing an Ownership Agreement: How will you think about how all of the owners, including you, understand the business and what is expected from its owners and manager?‍

Registering Your Business: Where should you form your business? What state is the right state for you and your business?‍

Getting Tax IDs & Bank Accounts: After your business has been registered by filing the appropriate document, the next step is to get your tax IDs and bank accounts all set up - in that order.

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Getting Licenses & Permits: When it comes to business licenses and permits, the type and location of your business will largely determine whether and what it is required to obtain.

Protecting  Intellectual Property: Regardless of your type of business, you have at least some intellectual property - whether you created it or you are using something created by another. Intellectual property includes various categories of property that are produced by the human intellect, and some countries recognize more categories than others. For many new businesses, intellectual property may be their most valuable assets. We assist with:

• Trademarks
• Trade Dress
• Copyrights
• Patents
• Trade Secrets

Making Contracts & Policies: Documents may include licenses, non-disclosure agreements (NDAs), employment contracts, and more. We help decide and draft the contracts, contract templates, and policies that your business needs to be protected.

• Contracts & Templates
• Terms of Use
• Company Policies