There are many joys and challenges in running a successful business. Your first decision is choosing what structure you wish to operate under. Along the way, you may want to raise capital, apply for a patent, hire employees, and merge into or acquire another business.
Whatever stage your business is in, getting the right legal advice is crucial. Whether you are chartering your company or winding it down to retire, a Connecticut business lawyer can provide the advice and documents you need. Speak with a knowledgeable attorney at Sparks Law to learn strategies for achieving success.
The first significant decision business owners must make is choosing the vehicle they will use to operate their businesses. Corporations have many advantages but are the most complicated to operate. States, and in some cases federal agencies, oversee how they are managed, and tax strategies are not as straightforward as with some entities.
Other choices include:
Corporations and limited liability companies have a legal existence separate from their shareholders and members. They can contract, sue and be sued, amass profits, and rack up debts that their owners will not be personally liable.
Different procedures attach to different entities in Connecticut, including filing to pay state taxes and applying for a Sales and Use Tax Permit to collect taxes from the sale of goods and services under the Department of Revenue Services (DRS). Other permits and licenses may be required, such as a federal EIN to identify a business for tax purposes to the Internal Revenue Service. Business owners may have to file documents with the Office of the Secretary of the State (SOTS) to operate in Connecticut. Our skilled business attorneys can help draft the documents necessary for the company, depending on its structure.
Both C and S Corporations will need:
Because various tax permits are required and fees attach to SOTS filings, new business owners should contact a Connecticut lawyer to ensure all legal and accounting issues are addressed.
Limited liability companies operate under rules called the Articles of Organization. Partnerships should adopt Partnership Agreements to avoid future disputes. All entities should keep detailed tax records, which an experienced attorney at our Connecticut office could provide further advice on.
Business owners can either purchase or lease commercial space for their operations. Owning commercial real estate is expensive upfront, but land and buildings are valuable business assets that usually appreciate. Leasing is far less costly at first, but lease payments rise over time and must be renegotiated regularly. A local business attorney could discuss the short- and long-term costs of purchasing or leasing, as well as draft or review any real estate agreements.
Business contracts are crucial because they enable the exchanges that are vital to a company’s success. The business lawyers at Sparks Law can draft and review various types of contracts, such as those used for:
A contract is useful anytime at least two parties agree to do something relevant to the business. If a party to a contract breaches it, the aggrieved party has options for pursuing settlements and litigation with help from a Connecticut business attorney.
Company logos, identifying marks, inventions, and patents should be protected from infringement by others. A business lawyer can register copyrights and trademarks and apply for patents. The legal team at our firm is skilled at assisting business owners with licensing or selling intellectual property rights.
When you start a business, you surround yourself with knowledgeable employees, consultants, management, and financial experts. Experienced lawyers should also be among those who advise you, as there are many legal decisions necessary to run a successful business.
Call Sparks Law to schedule your initial consultation with a knowledgeable Connecticut business lawyer. We are here to take care of your legal needs, from forming your company to selling it when you are ready.