Business formation often starts with purchasing another business. This starts with a thorough buy-sell or purchase agreement. By setting forth all the important terms for the sale, neither side will have any surprises or misunderstandings.
Setting up a corporation or limited liability company (LLC) can help protect your personal assets in the event that your business experiences any financial problems. A single illness can cause a business to stop generating income, while the monthly expenses, such as rent, utilities, and advertising, continue to mount. In such an event, your personal assets can be insulated from these debts if the corporation or limited liability company is the only entity that owes the debt. It is not enough to simply file some documents with the state. An experienced attorney can ensure that the business entity is properly set up to provide this necessary protection.