Establishing & Managing a Business in Wisconsin, California, Minnesota
Creating a solid legal foundation for your business and determining which business entity provides the greatest benefits are essential to your success. At Heritage Law Office, LLC in Wisconsin, Minnesota, and California, Brad Sarkauskas has over two decades of experience handling complex financial, business, and taxation issues. Our experience and legal insight allow us to provide unparalleled legal assistance as you begin on your new business venture. Call us today to learn about how we can be of assistance as you begin to put your business plan into action.
Providing Legal Assistance For New Business Formation
When you decide to start a business you must be prepared to handle any legal issue that may arise. Whether you choose to organize your business as a partnership or a traditional C-Corporation, you will be required to make important legal, taxation, and financial business decisions.
At Heritage Law Office, LLC, our business lawyers can help you navigate any of the complex and sensitive legal matters that arise, including:
- Business formation
- Business licensing
- Compliance with Wisconsin, Minnesota, California, and federal regulations
- Employer/employee matters
- Partnership and/or shareholder agreements
- Annual reporting requirements
- Minimizing taxes on business profits
- Franchise purchases
- Navigating lawsuits and complaints
- Business Contract, and more.
Choosing a Business Entity in Business Formation
Choosing a business entity will be one of the most important decisions you make as you build your business. Business entities can provide tax benefits, shield your personal assets from business liabilities, and possibly put more money in your pocket. It is important to determine the goals you wish to achieve with your business and choose an entity that helps you get there.
When you meet with our experienced Milwaukee business attorneys we will ask you a series of questions that are designed to help determine the entity that is the best fit for you. We will then explain your options and outline how your business would operate under the suggested structure.
Popular business entities include sole proprietorships, limited liability company (LLCs), partnerships, C-Corporations, and S-Corporations. Each of these structures has distinct benefits and requirements.
- Easy to form and operate
- You aren't required to file lengthy forms with the state
- No complicated tax requirements; all profits and losses are reported on your personal return
- You are personally liable for any business problems and lawsuits
- Minimal tax benefits
- Limited to one owner
- Self-employment tax
- Multiple owners permitted
- Your personal assets are protected from business liabilities
- No complex recording or recordkeeping requirements
- Paperwork required to form an LLC is limited
- Can be taxed as a partnership if there are multiple members
- No requirement to file additional tax returns for a single member LLC
- Avoid expensive corporate taxes on the entity itself
- Additional expense to create
- Self-employment tax
- State filing requirements
- Limited paperwork and state filing required
- No need to file additional tax returns
- profits and losses can pass-through to your personal return
- Relatively easy to form
- You are jointly and individually liable for your partners' behaviors and actions
- You are individually liable for the partnership's debts and liabilities
- Limited control over business decisions
- Self-employment tax
- Separate legal and taxable entity
- You can avoid personally liable for business debts and liabilities
- Possible tax breaks for corporations
- More complex filing requirements with the State of Wisconsin
- Profits taxed twice - once at the corporate level, and then again on your personal return
- Strict recordkeeping and reporting requirements
- No taxes at the corporate level; profits pass-through to your personal return
- You can avoid personally liable for business liabilities and debts
- Restrictions on the number and type of shareholders permitted
- More complex formation and filing requirements with the State of Wisconsin
- Strict recordkeeping and reporting requirements
Why Should I Hire a Business Formation Attorney?
Making the decision to start a business of your own is the first step in your new venture. Meeting with our experienced Wisconsin business law attorneys will allow you to take the next step toward achieving your goal. Starting a successful business requires detailed planning from the very start. Hiring an attorney to oversee your business formation will help to ensure:
- All forms are filed with the appropriate agencies in the allotted amount of time
- Licenses and contracts are executed properly to avoid future legal disputes
- The chosen business entity minimizes any future tax liabilities
- Your personal assets are protected from potential business losses and debts, and
- Your business is set up for success.
Businesses are complex entities and require attention to detail. Paying attention to all financial, legal, and taxation issues from the very start will help your business not only succeed but thrive. Many businesses fail because they get caught up in legal issues that could have been prevented with proper planning. Hiring an attorney to handle your business formation will help you avoid litigation and legal problems in the future.
Frequently Asked Questions (FAQs): Small Business Legal Concerns
In this section, we address some of the most common legal concerns that small business owners may face. Understanding these issues will help you better prepare for the challenges ahead and make informed decisions as you establish and manage your business.
1. What should I consider when choosing a business name?
- Availability: Check if your desired business name is already in use by conducting a thorough search.
- Trademark protection: Conduct a trademark search to ensure you are not infringing on existing trademarks.
- Domain name availability: Make sure the domain name for your business is available and register it to protect your online presence.
2. How do I protect my intellectual property?
- Patents: Obtain patents for inventions, processes, and designs that are unique and innovative.
- Trademarks: Register trademarks to protect your business name, logo, and other brand elements.
- Copyrights: Ensure your creative works, such as writings, music, and art, are protected by copyright.
3. What are some essential contracts I should have for my business?
- Partnership agreements: Clearly outline the roles, responsibilities, and ownership structure among partners.
- Employment agreements: Define the terms and conditions of employment for your team members, including salary, benefits, and job responsibilities.
- Vendor contracts: Establish the terms for goods and services provided by vendors, such as payment and delivery schedules.
- Non-disclosure agreements: Protect your sensitive business information by having employees, partners, and vendors sign non-disclosure agreements.
4. How do I ensure compliance with state and federal regulations?
- Licenses and permits: Obtain all necessary licenses and permits required to operate your business legally.
- Employment laws: Stay informed and comply with all applicable employment laws, including wage and hour regulations, anti-discrimination, and workplace safety rules.
- Tax compliance: Ensure that your business meets all tax requirements, including filing appropriate returns and paying taxes on time.
5. What should I do if my business faces a lawsuit?
- Consult with an attorney: Reach out to an experienced business attorney to help you navigate the legal process and protect your interests.
- Gather documentation: Collect all relevant documents and records to support your case.
- Communicate professionally: Respond to all legal communications in a timely and professional manner, and avoid making public statements that could harm your case.
6. What types of insurance should my business have?
- General liability insurance: Covers claims related to property damage, bodily injury, and personal or advertising injury.
- Professional liability insurance: Protects against claims of negligence, errors, or omissions in providing professional services.
- Workers' compensation: Provides coverage for employees who suffer work-related injuries or illnesses.
- Property insurance: Covers damage to your business property, including buildings, equipment, and inventory.
- Cyber liability insurance: Protects against financial losses resulting from data breaches, cyberattacks, or other cybersecurity incidents.
7. How can I ensure that my business agreements are legally binding?
- Clear terms: Draft contracts with well-defined terms and conditions, outlining the rights and obligations of all parties involved.
- Signatures: Ensure that all relevant parties sign the agreement to indicate their consent and acceptance of the terms.
- Legal counsel: Consult with a business attorney to review your contracts and ensure they comply with applicable laws and regulations.
- Proper documentation: Maintain accurate records of all agreements, including signed copies, amendments, and any relevant correspondence.
8. What steps should I take to reduce the risk of legal disputes in my business?
- Regular legal compliance checks: Conduct periodic reviews of your business operations to ensure compliance with local, state, and federal regulations.
- Strong internal policies: Develop and implement robust internal policies and procedures to minimize potential conflicts and misunderstandings.
- Open communication: Encourage open lines of communication with employees, partners, and vendors to address issues proactively and resolve disputes amicably.
- Legal counsel: Retain the services of a business attorney to help you navigate complex legal matters and mitigate potential risks.
Experienced Business Formation Lawyers in Milwaukee, WI
Do you want to be your own boss? Are you thinking about starting your own business? Call business formation attorney Brad Sarkauskas today to find out how he can help you achieve your dream of owning and operating your own business. Mr. Sarkauskas will help you navigate the complex business formation process, anticipate future legal issues, and minimize the tax liabilities your business may face. With his help, you can be the proud owner of a successful Wisconsin, California, or Minnesota business. Call Heritage Law Office, LLC today at 414-253-8500 to schedule a time to learn more.