Questions About Business Often Heard In Our Law Offices
Here are some commonly asked questions our clients often ask about their Pennsylvania business.
Do I need a lawyer’s help to establish a business in Pennsylvania?
Having an attorney is not a requirement in Pennsylvania for entrepreneurs or established business owners. However, the state acts in an administrative function only with regard to businesses and does not give customized legal advice. Most people who start or run businesses find it advantageous to have a lawyer available to answer questions, provide guidance and resolve legal problems that come up.
Specifically, what will an attorney do for me and my business?
They may review your business plan, notify you of any regulations you need to comply with, help you register your business properly with the Commonwealth of Pennsylvania, and advise you on issues such as employment law, commercial leases, contracts and more.
What are the benefits and disadvantages of the most common business entities – sole proprietorships, partnerships, limited liability companies and corporations?
A sole proprietorship can start small and grow with your comfort level about running a business. You can make your own decisions. However, you have all the responsibility, too – including potential liability.
A partnership allows for backup help and a broader application of knowledge and skills. As the saying goes, two heads are better than one. Disagreements can throw a wrench in things, however – especially if disputes become serious.
A limited liability company (LLCs) is a legal entity separate from its owners. You can keep your personal finances and liability separate from the business if you are a founder of an LLC.
A corporation such as an S-corp or a C-corp typically has officers and shareholders, each of them contributing to the structure and success of the business.
What are common types of restructuring that businesses often go through?
Formation, expansion, mergers, acquisitions, spinoffs and dissolutions are all legal events that inherently change the structure of businesses. If you anticipate that any of these situations will apply to your Pennsylvania-based business, you are invited to contact Duffy North for counsel. Together with you, we will devise a checklist of steps you will need to take to achieve your goal.
Ask Your Own Questions About Business Law In Pennsylvania
Our lawyers and staff are here for you and look forward to taking part in your pathway to business success. To schedule a consultation about your business law needs, call 215-914-9939 or send us an inquiry by email.