What Business Entity Is Right For My Enterprise?
You have a great idea or a great opportunity to invest in yourself and start your own business. The first thing you need to consider at this time is what kind of business entity is right for you. Many things go into this decision, and it is not just all about the law. What are your long-term business goals? Are you going to be partnering with friends and family to make it happen? Will you need to buy or lease a commercial space to set up shop?
Our team of Chapel Hill attorneys offers a breadth of experience in issues involving real estate, family-owned businesses, financing and everyday business management. We can act as an extension of your enterprise so you can return to an advisor who knows where you are coming from and how to help you realize your goals from each side of the table.
We help our clients consider important factors in entity formation, such as:
- The size of the business
- Number of employees
- Projected growth
- Annual sales
- Type of business
- High volume retail sales
- Investment groups
- Management or consulting services
- Personal liabilities
- Using personal assets as collateral for financing
- Separating personal assets and responsibilities from the business’s
Help With Unique And Complex Business Decisions
Does your business even require entity formation? Should you think about consolidating various enterprises? Determining how to set up your business involves a thorough analysis of your goals.
For example, if you are a landlord who owns several rental units, you may want to set up each unit as an individual LLC. This strategy could help limit losses across all units if one were jeopardized. Still, from a practical standpoint, managing multiple LLCs might be an over-complication of your managerial and financial resources.
These are the kinds of decisions we help our clients make everyday as they set up businesses. Simplicity, efficiency and effectiveness are the cornerstones of every recommendation we make and it has helped clients throughout North Carolina form and grow successful enterprises.
Contact our experienced Chapel Hill lawyers online or by telephone at 919-914-0833 to discuss your options.