Committed to Helping
You Achieve Your Goals
Dallas-Fort Worth Business Formation Attorneys
Helping You Get Your Business off the Ground in Texas & the U.S.
When beginning a business, you must decide what form of business entity to establish. Your form of business entity determines which income tax return form you will file and provides specific legal protections.
The most common forms of business entities are:
- Sole proprietorship
- S corporation
- LLC corporation
Because we are helping clients with new inventions, trademarks, and patents, our firm sees many new businesses. Some are second or third businesses who now have fewer problems after having learned lessons the hard way. Many people seek our guidance to develop an invention by applying for a patent or because they have just been sued.
There are a few major business formation mistakes we see over and over. We strive to ensure that our clients can avoid the predictable and disastrous results that come with them. If you are ready to get your business up and running, seek legal representation and advice from the Dallas Fort Worth business attorneys at Norred Law.
Choosing & Establishing a Business Entity
Business entities protect the owners of a company from personal liability. A person may begin the patent process without a business entity, but as soon as you have protectable intellectual property, you have something of value that makes you a target of lawsuits. Whether it is a simple new baby bottle or the name of a new business that someone else might be using, this property is at risk if you do not have a business entity.
By using a business entity, you provide a layer of protection against these lawsuits. That protection comes in handy if someone else decides that you are using a name that is too close to theirs or if a major customer decides that your product caused an expensive problem.
Business Entities for New Small Businesses
The business entity of choice for new small businesses tends to be a limited liability company, usually referred to as an “LLC”. But this is not always true; in some situations, based on the company’s ownership, a limited partnership or a corporation may be better. Our experienced Dallas-Fort Worth business attorneys can help you determine which entity is right for your new small business.
Helping You Develop a Written Operating Plan
While business entities protect business owners from outside suits, business owners use operating plans to control internal relationships.
Operating plans are contractual documents that establish:
- Lines of management
- The responsibilities of each owner
- Methods of ownership change
- Financial practices
Entities that do not have a written operating plan experience a much higher rate of internal strife and business failure.
We often see businesses that are failing because they were created by family members with no written contract between the owners. This might be two brothers, an aunt and a niece, or even forty-year friendships established between high school locker mates. In all these cases, Norred Law has had to represent individuals in lawsuits that were the direct result of a missing document that would have eliminated the dispute by putting the understanding between them on paper.
Allow our team to help you develop a written operating plan so that you can avoid future problems.
Legal disputes are often the result of business partners who have made a change in the way that they work together but have not put the new understanding in writing.
Whether it is a construction change order or a commission rate change in a sales representation contract, your business needs to be documented correctly. Working with our Dallas-Fort Worth business law attorneys can help you establish practices to minimize your exposure to problems caused by improper documentation.
We encourage you to reach out to our firm today by calling (817) 500-9433.
“I would highly recommend Norred Law to anyone in need of legal assistance.”- Allison Wilbanks
“I was offered respect, courtesy and was given a level of professional service that I would have easily paid double for.”- Former Client
“I would highly recommend Warren and his firm to family and friends.”- Sandi
“He was very personable, and understanding of my situation. This guy is in a class act of excellence.”- Glenn L.
“I call Warren every time I have a question about anything related to intellectual property.”- Leslie Burgoyne