July 15, 2021
LLC creation requires best practices and our team of attorneys at Juris Law & Mediation LLC can help guide you in creating the business of your dreams. We provide strategic business creation advice and counsel to help when you are setting up a new business. Whether you choose a limited liability corporation (LLC creation), partnership, or corporation, we can help you establish the best option for your business creation needs.
There are advantages and disadvantages to all options, and we can help guide you through those to a clear choice that makes the most sense for your business. An LLC creation is an excellent business structure and one of the most popular choices for small business start-ups, as they are easy to begin and maintain year after year. They are also less complicated than corporations and require fewer formalities in creation. But there are some best practices you should be aware of during LLC creation.
1. You need to make sure that you participate in the operating agreement when your business is established as an LLC. This document explains how your business will be governed, managed, and run.
2. For a corporation, you must create a minute book for your business that details where all documents will be secured. This depends on your state and you can get more information through your business lawyer in what documents must be in this book.
3. Create a business account separate from your personal bank account for all purchases and expenses pertaining to the business. Having a separate account makes running your business easier, and you won’t have to deal with invoicing your personal account and reimbursing yourself. If you co-mingle personal and business assets then it can open to door to creditors piercing the corporate veil of your LLC, Partnership, or Corporation and lead to your personal assets being in jeopardy.
4. Using an online service is a bad idea. They look great and cheap, but you get what you pay for. These documents are rarely properly tailored to your specific state laws and can create more headaches and legal liabilities than they protect against. Only an attorney licensed in your state can truly advise you as to what is necessary in your formation and operating documents, and tailor this advice to your specific business.
There are a few more best practices that a business lawyer can go over with you during your business entity creation. Beginning a new business is exciting, and starting off with the correct organization, structure, best practices as well as having an excellent business lawyer is necessary. Our team provides legal advice and services in all aspects of business creation formation.
Juris Law & Mediation LLC has years of business experience and is happy to guide you into creating a new business. If you are in Kansas or Missouri and need help with an LLC creation, contact our office to request a consultation, or feel free to call us at (913) 764-8844 with any questions you have regarding your new business.