Owning your own business is part of the American dream. There are approximately 355,000 businesses registered in the State of Kentucky. No matter what kind of business you want to launch, you can expect some level of healthy competition.
Although you can tackle the paperwork required by the Secretary of State’s Office in Kentucky to form your business, it’s wise to consider hiring a skilled business law attorney who has experience in everything from business formation and operating agreements to contracts drafting and negotiation.
The attorneys at Bland & Birdwhistell, PLLC have worked with a number of clients to help get their businesses in Elizabethtown and throughout Kentucky off the ground. Our firm is committed to helping them build a solid foundation for their piece of the American dream.
There are several types of business structures you can use when forming a new business in the state of Kentucky. These various forms include a limited liability company (LLC), a sole proprietorship, a partnership, and a corporation. Most small businesses find that a limited liability company is a great fit for their needs. Forming an LLC may seem like a convoluted process, but when done correctly, it can protect your personal assets from litigation involving your business.
If you’re thinking about forming an LLC, there are five steps involved in the business formation process. These steps include:
The foundation of starting a business doesn’t end with filing an LLC. Depending on the nature of your business, you will need to create documents that are legally sound and enforceable. Those may include partnership agreements, non-compete and nondisclosure agreements, vendor or supplier contracts, or leases and other property agreements.
As you launch your business, individuals, contractors, suppliers, and other businesses will be asking you to sign legal documents over the course of conducting business. These documents are designed to serve their best interests, not yours. Having an experienced business law attorney on your side to review them will help ensure that your rights as a business owner are protected and your best interests are being served.
There are some potentially serious pitfalls that you can run into when forming your own business without consulting with an experienced attorney. Some of those pitfalls include:
Picking the name of your business is just the beginning of your entrepreneurial dream. Working with an experienced business law attorney throughout the life of your business can protect you, your assets, and your legacy.
For years, the attorneys at Bland & Birdwhistell, PLLC have been helping provide legal expertise to business owners in Elizabethtown, Radcliff, Shepherdsville, Bardstown, Brandenburg, Leitchfield, Hodgenville, and Louisville, Kentucky. Don’t take on the risk of forming your own business on your own. Allow our team of business law professionals to help you realize your dream by scheduling a consultation today.