Written agreements and contracts to form general business partnerships, limited partnership agreements, or other types of business establishments should be carefully drafted to ensure the rights and interests of all parties. The decision to incorporate a business presents another series of elements to be clarified and steps to follow to be in compliance with state laws.
Whether you are establishing a sole proprietorship as a legal entity or forming a corporation, it is always advisable to have contracts and agreements drafted and reviewed by a qualified attorney. Specifically, seek out an attorney with solid experience in drafting comprehensive and durable agreements including: General Partnership Agreements, Limited Partnership Agreements, Limited Liability Company Agreements as well as the legal process of forming a corporation.
It is always advisable to have contracts and agreements reviewed by a qualified attorney with a strong background in contract law to determine if the elements of your contract are valid and expressed appropriately in a legal context. Also important in contract review is the ability to recognize unclear or ambiguous language, thus highlighting another aspect of the importance of keen legal counsel.
Furthermore, it is essential to have the input of an experienced attorney as you make the crucial decision of selecting the form of entity for your business, most especially with regard to possible tax implications. Whether you decide on a corporation, limited liability company, general partnership, or sole proprietorship, it is essential that you have a deep understanding of the short and long term implications for each scenario. Corporate maintenance and managing your business as well as ensuring that you are continually in compliance with the rules and regulations surrounding your chosen industry also require sound legal counsel.
If you are just getting started and want to learn more about beginning a small business, the U.S. Small Business Administration can help you gain insight to the terminology as well as drafting documents in advance to have your attorney review.