Business Attorney Fairfax VA
As experienced entrepreneurs will tell you, starting a business in Fairfax VA is often more complicated than it seems on face value.
The bulk of these complexities stem from matters of compliance and legalities.
Having a knowledgeable Fairfax VA business lawyer to advise you through fundamental business processes becomes instrumental when setting up a business.
Here is a detailed look at some of the legal processes attorney Faisal Mughal can handle for your business.
IRS EIN Number Registration
An Employer Identification Number (EIN) is a replica of your social security number, only for business.
This number allows a business to pay state and federal taxes, hire employees, and acquire business licenses and permits.
Additionally, it might become necessary to change or replace your existing EIN when certain business circumstances change. These include name and address change, among other variables.
Business License Number Application
A business license allows you to open and operate a particular business within a specified jurisdiction.
Additionally, if your industry is regulated by a commission, board, or association, you might be required to produce certification for these bodies when applying for a license.
This process requires a firm understanding of the application processes and accompanying laws of the state you wish to have your business in.
A Fairfax VA business attorney is well equipped to counsel you through this process as they have a firm understanding of the state laws you wish to operate in. The same is true for a business looking to operate across state lines.
Fairfax VA Business Structure Advice
Choosing a business structure is one of the most important decisions you will have to make as you set up your business.
The structure you settle on will inform numerous other processes pertaining to your business. These include taxes, financing your business as well as your personal liability.
The main business structures are:
- Sole proprietorship
- Limited Liability Company (LLC)
Sifting through these options can be challenging more so if you do not have a business or legal background.
A business attorney or an accountant can take you through these options and help you identify the best structure for your business.
Partnership Agreement Preparation
Partnerships outline business relationships, how a business is to be run, and dispute resolution. It also describes what should happen if something happens to one of the partners.
In essence, partnership agreements ensure business continuity, and that each partner enjoys a level of protection against certain eventualities.
While there are matters you can handle for yourself as you set up your business, this is not one of them.
You need to ensure that this agreement is enforceable. Part of this will depend on the wording and language used. Wrong wording can lead to different interpretations that could leave you vulnerable in the event of a dispute.
A business corporation allows an entrepreneur to form a legal corporation that is separate from them and their partners as individuals.
This has numerous benefits, some of which include:
- Limitations on personal liability that absolve entrepreneurs from personal liability
- Corporations are classified different from other business types, and as such enjoy lower self-employment taxes and higher deductions
- A corporation does not cease to exist with the incapacitation or death of a shareholder
- They are overseen by centralized management that implements centralized management structures
Limited Liability Companies require registered agents to prepare important documents on their behalf.
A registered agent is also expected to communicate with an LLC in a timely fashion on items that it is supposed to act on.
Your choice of agent is exceptionally fundamental to your business.
If you wind up engaging an incompetent one, you run the risk of missing out on vital communication.
This might result in your business losing money on penalties and fines. Worse still, you might get sued, with more far-reaching consequences.
Creation of Bylaws
A corporation’s bylaws is a document that outlines how a business aims to run its operations.
This is a detailed process that details company info, shareholder issues, audits, record keeping, the board of directors’ functions, limitations, and removal procedures.
Again, this is a document that requires some legal expertise to draw up, as its language and wording need to be interpreted as intended if a dispute arises.
Starting a Business Soon?
As exciting as starting a business is, it also brings a certain level of anxiety and uncertainty. This is understandable.
At Mughal Law firm, we make it our job to ensure nothing falls through the cracks. Our approach is simple; let us handle the legalities of your business, as you focus on what you do best. Contact us in Fairfax VA today and let us get you on the right track.