Starting a business begins with your great idea. But there are a number of steps that come afterward, and if you are struggling to understand the legal and tax components of owning and operating your own company, then it’s worth it to reach out to a team that’s got the information. From making things more official through LLC formation to counsel when an accident happens on your property, there are many ways a business can slip up. So, we’ve designed a helpful checklist.
At The Law Office of Larracuente & Goulden in Milford, CT, we make sure that people know their options. From making moves through family law to criminal court and yes, even small business counsel, our team works with our clients to move forward in life. For those who own or operate their own small business, it’s important to make sure that things are covered, so take the time to talk to a trusted attorney in your area about what to do next.
Have you done enough to set yourself up for success? Call The Law Office of Larracuente & Goulden to talk about your small business legal needs.
Time To Form A Limited Liability Company?
Before you ever get to business litigation, there are steps to take first, optimally. One of these is finding the correct tax and legal designation for your company, and for many, that means talking about LLC formation. An LLC, or a Limited Liability Company, is the way that many businesses are set up, and for some very good reasons. They help to shield personal holdings from bankruptcy, among other things.
What Do I Need To File?
In order to form an LLC in Connecticut, the state looks for a few things. These include:
- Member Management Structure: They need to know whether it’s member-managed or manager-managed to determine who’s responsible for payments and operational decisions.
- Capital Contribution Information: Who paid in what makes a difference. Make sure that you’ve got detailed information about the financial establishment of the business.
- Distribution and Allocation Rules: When profits are made, how are they shared between investors? How are losses covered? That needs to be documented.
- Transfer of Membership Interests: Should you or another partner decide to sell a stake, how does that happen?
- Protocols For Dissolution or Liquidation: There need to be specific rules in place for the end of the company, too.
If any of these topics sound confusing, take a minute to talk them through with a qualified attorney. We can explain them so that you know what you need.
Be A Better Small Business With Larracuente & Goulden
Your company is your future, so make sure it’s got a great foundation. To find out more about small business legal counsel, call The Law Office of Larracuente & Goulden, LLC in Milford, CT at (203)951-6688 today.
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