What is a Business Formation Lawyer?
Business formation lawyers complete legal work for different types of businesses and focus on the structure and formation of their management. Most commonly, these lawyers will advise clients that are looking to form a business. Particularly, they will suggest the appropriate legal form of the business to establish an appropriate management structure. Often they will advise on partnership structures, joint ventures, incorporation of companies and general business relationship advice.
Why do I need a Business Formation Lawyer?
If you are looking to start a business or change business structure, a business formation lawyer will be able to advise you on the best structure and its implementation. The type of formation a business undertakes is crucial as there may be advantages. These include the limitation of individual liability, tax benefits and the reputation of the business. Besides this, the formation will impact the flexibility of the business and its entity status in the legal system. Specific documentation does need to be filed depending on the formation. A business formation lawyer will have the expertise to advise you on the appropriate structure as well as the submission of any documentation.
How much will a Business Formation Lawyer charge?
Business formation lawyers usually require an initial consultation; these consultations can be fixed-price and are usually between $300 and $500. Depending on the structure taken, formation lawyers can charge a fixed price for registration, usually above the standard government fees. There may, however, be additional costs if the lawyer needs to draft documents for the business as required by its formation – this will likely be charged on an hourly basis.
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What will a Business Formation Lawyer provide?
A business formation lawyer will provide simple and effective advice regarding the appropriate formation of your business. These lawyers work with small and growing businesses every day and use their extensive knowledge to benefit you and your business. They will provide the most appropriate structure and will draft and submit the documentation required to move forward.