Starting a Business in Washington, DC
There are many decisions to make and steps to take when starting a business and each may vary depending on the type of business and the goals of its promoters. Because each individual situation may require different steps, such as licensing, tax registration, and more, it is important to have counsel from an experienced Washington, D. C. business attorney during the process to ensure that your business gets off on the right foot.
One of the first decisions a new business owner must make is what type of entity to form. There are a variety of types and subtypes from which to choose, including sole proprietorship, partnership, limited liability company, and corporation. Each has distinct strengths and weaknesses, so no single entity type is right for every situation. The type of entity you choose can have a substantial impact on your liability as an owner for debts of your business, taxation, management, and your ability to transfer ownership interests easily to other parties.
Forming a business entity [TBC1] can help protect owners from personal liability for business debts, a crucial component in some lines of business. Experienced business attorneys can work with business clients to tune the formative documents and bylaws of business entities to suit the needs, goals, expectations, and resources of their entrepreneur clients. While many companies and non-attorneys claim to be able to help you form a business entity cheaply and easily, their boilerplate forms are often vague and incomplete. These weaknesses frequently create confusion and disputes later on in the life of a business.