Business Attorney Woodbridge VA
Virtually every business in Woodbridge VA has its sights set on the same thing: profitability and longevity. However, profitability means nothing if your company ends up being dissolved for non-compliance or other minor illegalities.
It’s for this reason that most seasoned business people ensure to have a legal partner to help them in their entrepreneurial journey. If you want to succeed in business, so should you.
Here are some ways in which a business attorney can support your business.
1. Drafting Bylaws
Corporate bylaws are comprehensive rules outlined by the board of directors after incorporating a company.
While it’s a legal document, it does not need to be filed with any government authorities. Nonetheless, unless a company’s directors adopt these, a company might not legally exist.
A lawyer is instrumental in this process as they serve as an objective party to put on paper the vision the board of directors has for their company’s future.
While you can make an application to change your business structure, later on, getting it right from the beginning carries more advantages.
2. Advice on Business Structure
This is something you will need to decide on in your business’s inception stages, as it’s the foundation on which you will set up and run your whole enterprise.
Granted, you may have some information on what each business structure entails. However, legal counsel can take you through the pros and cons of each option and the intricacies of each.
They can also help you figure out which one works best in your state and industry with a long-term view.
3. Provide Support on Business license Registration
Virginia has an online business registration system that can get the job done for most applicants.
However, for more complex business structures and not-for-profit setups, the online platform becomes somewhat limiting. Such applications have to be filled out manually, which your lawyer can assist with.
Besides the application itself, a lawyer can do a business name search and advise on your eligibility for a SWAM certification.
4. IRS EIN Number Registration
An EIN is used to identify individual business entities and is also known as Federal Tax Identification Number.
A business requires an EIN to operate if:
- It seeks to operate as a partnership, either general or limited
- Will have employees
- Intends to run a limited liability company
- It’s a corporation
You are also required to institute an EIN change if you change your business address, name, or make ownership changes.
5. Draw up Partnership Agreements
While you begin a partnership on the same footing with your partners, things might turn acrimonious down the line.
Partnerships agreements are drawn up to capture what partners would like for their business while still in good standing.
When things go awry, this agreement serves to remind each partner of what had been agreed upon, to settle disputes, and to protect everyone involved.
A partnership agreement can also be used in arbitration or litigation.
As such, entrepreneurs not only want a detailed, accurate document, but they also want to ensure it’s enforceable.
Similarly, partners can use ambiguities to win a case in court. For these reasons, it’s imperative to have an attorney oversee the process and ensure your interest is protected.
6. Business Incorporation
There are different types of corporations and numerous reasons why companies choose to incorporate.
To compound this, incorporation laws vary from state to state. If your background is not in law, you will find that a business attorney can adequately fill this gap.
This can be by way of explaining your state’s procedures to the actual incorporation and even to ensuring compliance.
7. To Serve as Your Business Registered Agent
Business agents are companies that have business premises where they receive documents and other communication on behalf of their clients.
A credible registered agent ensures you get your communication in time. This prevents loss of business, lawsuits, and fines and penalties resulting from non-action.
All business attorneys are not equal. To give your business the best chances at longevity and profitability, your best option is to a reputable, experienced attorney.
Faisal Shawn Mughal is a reputable Woodbridge VA Business lawyer who successfully oversees numerous business functions for his clients.
Contact us at Mughal Law firm and let us help ensure your business’ success.