Do I Need a Lawyer to Create a Business Entity in New Port Richey?

Starting a new business is an exciting moment for any entrepreneur in Florida. However, it is also one of the most crucial stages of the business lifecycle. Establish a solid foundation for your business, and it might outlive you while continuing to provide financial support for your loved ones. On the other hand, a shaky foundation might cause serious issues within just a few short years. Can a New Port Richey business lawyer help you confidently establish a new business entity?

Not All Businesses Require Lawyers to Establish 

While hiring a lawyer is generally a good idea when establishing a business, it might not be necessary. For example, a small sole proprietorship might not require legal assistance. Suppose you have a home baking business where you sell muffins at a local farmer’s market. If you’re not earning a considerable amount of money and you’re the only employee, this business might be simple enough to establish without legal assistance.

What Types of Businesses Require Lawyers to Establish?

Generally speaking, entrepreneurs seek lawyers when setting up complex businesses. They also tend to work with lawyers when they expect to earn significant revenue. Certain businesses are also more subject to regulatory oversight. For example, there may be certain environmental laws associated with creating your business. You might also need to register with certain regulatory bodies before starting a business. Regulation is particularly important when establishing businesses in the financial services industry.

Entrepreneurs Establishing Corporations Often Hire Lawyers 

Among all the various business entity types, a corporation has some of the strictest reporting requirements. Corporations are also considered “legal entities” under the law, which adds to their complexity. While it is technically possible to set up a corporation without a lawyer, most consider this too risky. A simple mistake in your corporate documents can result in serious consequences, including fines.

Your corporate minute book is another important aspect of your new business. You need to keep your minute book updated based on the company’s activities – including dividends, the distribution of shares, and so on. Another reason to hire a lawyer when starting a corporation is the changing regulatory landscape in Florida and the United States. New laws and regulations might require you to make significant changes to your company. If you miss these regulatory changes, you could violate new laws without even realizing it.

Can a New Port Richey Business Lawyer Help? 

A New Port Richey business lawyer may be able to guide you toward positive outcomes as you establish a new business entity. While legal assistance may not be necessary, it is generally a smart choice – especially if you’re serious about building a successful business. Online research only gets you so far, and each business has unique needs. To discuss your business goals in more detail, schedule a consultation with Athanaselos & Associates P.A. today.

Sources: 

dos.fl.gov/library-archives/business/

dos.fl.gov/sunbiz/start-business/