When you’re getting ready to start a new business, there are a lot of things that need to be done, and finding a good law firm with competent and reliable business lawyers in Harrisburg is one of the first things you should put on your to-do list. The process starts with writing a business plan, choosing and purchasing a good location for your business, getting the right financing plan, and going through the process to obtain permits and licenses and get registered with the state. One of the most important steps in starting your own business is setting up the legal structure of your new company, including the owners and co-owners and their responsibilities within the new company. This step is where hiring an experienced law firm with business lawyers in Harrisburg can be of huge value to you.
When you are deciding what platform to use for your new business, you will have the option to choose from a Sole Proprietorship, a Partnership, a Corporation, an S corporation or a Limited Liability Company (LLC). Each type of business has different tax implications, so it is good to get qualified business lawyers in Harrisburg to help you understand which is best for your particular business and situation. It’s much easier to make sure everything is right in the first place than to risk making a mistake and having to go back and fix it later.
Another possibility you may be considering is starting a non-profit business, also known as a 401c3 entity. This type of business is tax exempt under the law, and individuals who donate to the charity can receive tax exemptions for the amount of money donated. In order to qualify for this type of business, you will need to set things up so that a large portion of the business proceeds go to a charitable cause and are not used as a profit for the business. Setting this up correctly and making sure that you follow all the rules every year when you file your taxes can be a bit tricky, so hiring business lawyers Harrisburg who are familiar with the charitable foundation regulations is a good idea. With all the laws and regulations that are required, it can take a lot longer than you’d like to become qualified as a 401c3 charity. By having an experienced lawyer who understands your business and all the legal implications, you will be able to streamline and speed up the process.
