Starting a business is an exciting prospect. At Byron & Company, our lawyers Timothy Byron and Mila Byron have advised clients in choosing a business model that works best for their needs, taking into account the tax consequences and liabilities.
Some businesses benefit from incorporating. Others are joint ventures involving parties pooling their resources to accomplish a specific purpose. Still others are partnerships where profits and liabilities of the business are shared. And many more are sole proprietorships where one person is responsible for the business and its debts.
Choosing A Business Model
If you are starting a business, choosing a business model that works best for your needs is only the start. Other considerations will also have to be made, such as financing your business and planning for its succession. As an example, if you are in business with someone else, what will happen to your interest in the business if something happens to you? Will it pass along with your estate? And would that be what your business partner would want? And would that be in the business' best interests?
We welcome the opportunity to assist you with your business and corporate law needs. Call 780-715-1002 to schedule a meeting.