Reasons Why You Need Legal Advice When Setting Up a Business

General legal services

Anyone looking to set up a business within Austin (or anywhere in Texas for that matter) will need legal information on business formation, business entity choice, as well as business succession planning.

Business Structure

When starting a business, the most important thing to determine is the business structure that your business will take. There are sole proprietorships, general and limited partnerships, and corporations. It’s important to know which structure should apply to your business in order to meet the needs and protect all the stakeholders. Next, your legal representation can advise you in respect to the state agency that is relevant in order to begin the process of filing the required paperwork.

Tax Obligations
In terms of the tax responsibilities, it is important to know and comply with all overlapping taxes. The taxes that one might have to know about and comply with include the federal tax, state taxes, and local taxes. This also ties back to the business structure you chose for your entity, as tax liability can be affected by your business structure.

Licensing

Obtaining business licenses and business permits might be your next step. Navigating city and local governments to obtain the relevant documents can be overwhelming. Within Texas, the Texas Department of Licensing and regulation can also help to determine the relevant documents needed.

Employer requirements

One of the final steps is to find out the federal and state employer requirements in terms of safety, labor, and reporting laws as it applies to the hiring of personnel. It is important to understand and comply with such laws.

According to attorney Jake Posey, managing shareholder of The Posey Law Firm, PC, starting a business and going through the process of implementing is expensive therefore it is imperative that one seeks the services of a competent law firm that can carry out and follow-up on such steps.

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Jake Posey

Licensed since 2003

Member at firm The Posey Law Firm, P.C.

RECENT POSTS

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    Posted on November 20, 2017
    Topic: Health Care

    As Business Insider recently noted, going to medical school in Texas can be a real bargain. The state caps in-state tuitions at about 6,650 per year at Texas medical schools. The cap does not cover all expenses, such as books, housing, fees, and travel. However, an aspiring doctor can save a lot of money on ... Read more

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    Usually, when an individual has a payment dispute with a business, the matter is ultimately settled in a civil court. However, because of an obscure law passed decades ago, rent-to-own companies in Texas are allowed to pursue felony theft charges against those who default on payments. In practice, that means that one can be sent ... Read more

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Jake Posey

Licensed since 2003

Member at firm The Posey Law Firm, P.C.

RECENT POSTS

  • Texas Legislative Issues/News: The need for more medical residency position
    Posted on November 20, 2017
    Topic: Health Care

    As Business Insider recently noted, going to medical school in Texas can be a real bargain. The state caps in-state tuitions at about 6,650 per year at Texas medical schools. The cap does not cover all expenses, such as books, housing, fees, and travel. However, an aspiring doctor can save a lot of money on ... Read more

  • Lawmakers to look at criminal prosecution re debt to rent to own companies
    Posted on November 19, 2017
    Topic: Contracts Criminal Law

    Usually, when an individual has a payment dispute with a business, the matter is ultimately settled in a civil court. However, because of an obscure law passed decades ago, rent-to-own companies in Texas are allowed to pursue felony theft charges against those who default on payments. In practice, that means that one can be sent ... Read more

  • Data Privacy Cases Pending in front of U.S. Supreme Court
    Posted on November 19, 2017
    Topic: Business Law Privacy Law

    The United States Supreme Court will decide whether American courts can issue warrants for data stored on servers overseas. In U.S. v. Microsoft, the appellate court sided with Microsoft and quashed a warrant for email stored on the company’s Irish servers. The Supreme Court is about to decide if the government can compel production of data ... Read more