Start your Business on the Right Foot
The first major decision facing entrepreneurs is what type of business entity they should form. Wendy Anderson educates her clients on the options – whether a partnership, limited liability company, corporation, or other type – and assists with the formation activities.
After this first step, however, it is critical for business partners to come to agreement on how they will govern their new entity. Wendy has experience preparing customized Operating Agreements for LLCs that anticipate the company’s needs as it grows as well as when the composition of the membership group changes over time.
For Corporations, Bylaws and Shareholder Agreements should be drafted right away so that the company is compliant with state law. For all types of businesses, the partners may seek to execute a Buy/Sell Agreement to govern the process for transitioning ownership shares when a partner leaves the business.
Regardless of the type of entity formed, foundational agreements are critical to outline the rights and responsibilities of each partner or shareholder, set out the process for resolving disputes, and determine how and when profits will be distributed.
Ensure that your new business is set up for success by contacting the Law Office of Wendy Anderson to discuss the documentation you need to get started.