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Starting and managing a business takes motivation and talent. It also takes research and planning. Although initial mistakes are not always fatal, it takes extra skill, discipline, and hard work to regain the advantage. Take time beforehand to explore and evaluate your business and personal goals, then use this information to build a comprehensive and thoughtful business plan that will help you reach these goals.
Developing a business plan will force you to think through some important issues that you may not otherwise consider. Your plan will become a valuable tool as you set out to raise money for your business, and it will provide milestones to gauge your success.
You also will need to analyze what type of entity to select to operate your business. We can advise you on various possibilities, and take the necessary steps to register your business.
Partnerships are agreements between two or more parties to engage in a business venture for profit. These type of agreements often make sense for professionals who wish to work together and share profits. While partnerships can be very powerful forms of conducting business, sometimes it makes more sense to organize a business in other forms. At JLG we offer you options and guide your decisions by informing you of what elements you will require in organizing your particular business venture.
Corporations are legal entities that shield their owners, or shareholders, from liability, if formed and conducted properly. These entities are formed by incorporating a business through a registration process established by legislation. Corporations have legal rights and liabilities distinct from their employees and shareholders, and are permitted to conduct business. Unlike partnerships, corporations can be established for either profit-seeking business or for non-profit goals. As stated above, registered corporations tend to have limited liability, but they also have other advantages. A corporation's shareholders can transfer their shares to others. They are set up so that a board of directors who are normally elected or appointed by shareholders, control the corporation's business.
Limited Liability Companies (LLC's) are a different type of organization; a type of hybrid between partnerships and corporations. LLC's provide limited liability to owners in the vast majority of United States jurisdictions, with tax benefits not much different than that of partnerships.
Limited liability partnerships (LLP's) are organized so that all partners have limited liabilities. Like LLC's, this form of organizing a business carries elements of partnerships and corporations. However, in an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from the traditional unlimited partnership under the Partnership Act 1890, in which each partner has joint and several liability. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation.
“I have enjoyed how personable everyone is and how much you all cared to make sure that I get the results I am entitled to. It is comforting to have someone treat you with such care rather than just a name and a file number in a firm. Thanks again.”
“In addition to being thoroughly professional, you were always available to discuss my concerns and I truly appreciated that, and would highly recommend you to anyone who might need similar help.”
“There were times when I almost gave up on everything but you guys just kept on doing what you do best. No word can express my gratitude.”
“Just wanted to let you know I truly appreciated and enjoyed the wonderful service your firm has provided me in drafting and processing my patent applications.”