Starting a new business venture in Colorado is an exciting endeavor. You’ve invested considerable time and financial resources into bringing your business to life, and now you’re finally ready to make it official. As you start to fill out the legal paperwork and other important documents, it’s natural for several questions to crop up along the way. Although you may be able to answer some of these questions after a quick internet search, your best bet is to enlist the guidance of an experienced Colorado Springs business lawyer who can provide you with the customized information you need to launch your business with confidence. The dedicated and caring business formation attorneys at the Law Offices of Clifton Black, PC, are ready to help you understand the implications of every decision you make, empowering you to move forward with clarity and certainty. We’re here to assist you with all of your business formation needs—from exploring tax implications to selecting the most strategic business structure to suit your needs and goals, you can trust us to protect your best interests at every turn.
Business Formation Basics in Colorado Springs
Over the years, our knowledgeable business formation lawyers have helped numerous new businesses lay strong foundations from which they can grow and thrive. We believe that the best way to minimize legal risk or other costly disputes later on is to develop a thorough plan before the business even launches. There are many aspects to business formation, and it’s easy to lose focus in your eagerness to get your new business off the ground. Enlisting our guidance is a great way to ensure that you and your business put all the necessary paperwork and protections in place to grow with confidence. We will work with you to create a customized business formation strategy, which will likely include the following tasks:
- Choosing a name for the business
- Registering the busines
- Registering a domain nam
- Selecting a business structur
- Setting goals for your busines
- Obtaining all required licenses and permit
- Obtaining state tax IDs and federal EIN
- Creating business contracts (i.e., non-compete agreements, severance agreements, etc.
- Drafting company and business-related policie
- Creating buy-sell agreements for businesses that have multiple owners
Whether you have already formed a business and you’re looking to put more purposeful protections in place, or you are only starting to think about taking your business idea to the next level, the skilled and friendly Colorado Springs business formation lawyers at the Law Offices of Clifton Black, PC, are here to help you achieve your business goals.
Choosing How to Structure Your New Colorado Business
When it comes to starting a new business in Colorado, there are several business structures you can choose from to support your unique needs and goals. At first glance, it can be difficult to comprehend the nuances of each business entity—which is where we come in. Our seasoned Colorado Springs business attorneys are ready to help you articulate your vision, evaluate the potential benefits and limitations of each business structure, and select the entity that will work best for your needs. Choosing the appropriate legal structure for your new business is a significant decision, as the choice you make can impact the success and viability of your new company. When we work with you, we may explore the following business entities as possibilities for structuring your business:
- Sole Proprietorship: In this model, one person is solely responsible for the company’s profits and debts. However, the owner may be held personally liable for any issues arising in the future.
- Partnership: This option recognizes two or more owners. When establishing a partnership, it’s essential to plan for potential disputes and address how you and your partners will resolve issues as they come up (i.e., mediation, arbitration, etc.).
- Limited Liability Company (LLC): LLCs are one of the most popular choices among new business owners, as this hybrid structure shields owners, partners, and shareholders from personal liability.
- Corporation: This is an entity that is separate from its owners, endowing the corporation with its own set of legal rights.
Since it can be challenging to change the legal structure of your business once it has been registered, it’s critical to make the appropriate, well-informed choice sooner rather than later. Our highly skilled business formation lawyers will help you consider important factors like your financial needs, risks, goals, and vision for growing your business over time. We encourage you to contact our office today to get started.