Any business principal or group of entrepreneurs with a profit-related vision knows that a near exhaustive list of relevant considerations can arise pursuant to getting an enterprise up and running.
Have you got a viable business plan? That is, have you adequately considered the type of products and/or services your company will provide and, if so, do you have a solid business model to ensure success?
What type of customers will you target? And how? If you have established rivals to contend with, how do you propose to compete and prevail?
And what about financing? Is it secured and on favorable terms? Will you be leasing or buying real estate from which to operate? Who will make principal business decisions? How will profits be shared? Do you have a dispute mechanism in place to deal with internal conflict that might arise? How will taxes be treated?
These questions are merely partially representative queries relevant to business planning that require closest consideration.
And here’s another one, among the most important of all: What business form will your entity take?
As noted in an article on our website at the Phoenix metro business law firm of Cook & Price, PLC, getting proven legal counsel on board early to help answer that question is of fundamental importance to planners.
A key reason why is that each type of business entity comes with respective “pros and cons” when compared with alternatives.
And there are many choices to consider. Some business principals opt for a sole proprietorship or partnership, with other enterprises becoming corporations or limited liability companies.
There is much to know about each business form, with smart selection being centrally influenced by the business goals and realities extant in a given case.
And because every business is different, entity formation is always a crucially important factor for a start-up company or other fledgling enterprise.
A proven commercial law attorney can provide further information and bring strong legal advocacy to bear on behalf of an Arizona business client.
Call Cook & Price, PLC today at 480-407-4440 or email us through this website.