Kalamazoo Business Lawyer
Our Business Law attorneys:
Kerry D. Hettinger
Michael A. Hettinger
Kalamazoo: 324-2000 Battle Creek: 968-5000 Three Rivers: 273-7800 Sturgis: 659-6161 Coldwater: (517)278-6800 Dowagiac: 782-2500 Fax: 344-3601 Statewide: 800-294-5055
When forming a business entity in Michigan involves several key steps must be taken. These include business planning, filing various documents to establish a corporation or limited liability company and implementing a plan to begin operations. Although the corporation historically has been the entity most often used, the limited liability company is a suitable and often preferred type of business entity for many types of business.
At the initial meeting with the attorney, a client will be asked to provide the requisite information needed to choose the appropriate entity and enable the attorney to assist the business owner with making other important recommends. Licenses or permits that the new business will need should be identified early on in the formation process.
In terms of choosing the type of business entity, one of the first steps is deciding whether to conduct the new business as a corporation. If the corporate form is preferred, one of the next decisions is whether the corporation should elect to be an S corporation under the Internal Revenue Code of 1986 (IRC), taking into consideration the restrictions the IRS places on these entities (although such restrictions have been reduced in recent years). Other important planning decisions involve participation and control by minority owners as well as possible estate planning issues.
Employment and deferred compensation matters must be considered when planning a business entity. Many employees and owners may be looking for stock options instead of operating profits for their financial reward. Besides the financial issues, personnel policies and employment agreements as well as various types of insurance and other fringe benefits need to be considered.
The advice, guidance and document preparation provided by a business law attorney are essential to the success of every new business. The Business Law department at Hettinger & Hettinger, P.C. has extensive experience in assisting business owners achieve success in their business endeavors.