Warren Gammill & Associates, P.L.
  • Home
  • Firm Overview
    • Warren P. Gammill
    • Jordan M. Krassner
  • Practice Areas
    • Business Litigation
    • Usury
    • Real Estate Litigation
    • Deed And Probate Litigation
    • Appeals
    • Commercial Landlord-Tenant
    • Contract Litigation
    • Fraud
    • Legal & Professional Malpractice
  • Blog
  • Contact
Select Page

What 2 steps do you take after you decide to form a business?

On behalf of Warren Gammill & Associates, P.L. | Aug 24, 2017 | Business Litigation

You and your best friends have a great idea for a new business and you believe that you have the perfect market — you’ve even scraped together the funding to make your dream a reality.

What’s next?

While there are a lot of small steps down the golden road of success, some of those steps have to be taken more carefully than others. Here are two that no new business should neglect:

Hire an Attorney

Technically, you don’t want to hire just any attorney — you want to hire an attorney who specializes in business law.

Even among business law attorneys, however, there are some that specialize even further. The attorney or firm you need is largely dependent on the nature and complexity of your business, market, industry and product.

Try to at least find a legal firm who can handle business formation laws, contracts, employment law and intellectual property concerns.

Take note, however: Experts caution against hiring an attorney who happens to be a friend or a relative simply because he or she will give you a discounted rate — an attorney who handles mainly personal injury cases might be able to get through the basics of a business formation, but you ideally want someone who specializes in business law.

Clarify the Business Agreements

You and your buddies aren’t just friends anymore — you’re business partners. You need to have a founding agreement that spells out the nature of your business relationship. Otherwise, you are all potentially heading down the road to a lawsuit instead of toward the land of riches and rewards.

Your founding documents need to address (at minimum):

  • Is the business a partnership, limited liability company or some other legal business entity?
  • What title and job duties does each founding member have?
  • Who is investing what money into the business?
  • What share of the profits or salaries each can founder can expect?
  • What happens if a founder wants to part ways?
  • What happens if the rest of the founders want to oust one of the others?

This is just a general guideline that you can use to start your questions — it needs to be adapted to your particular business and needs. A business litigation firm can provide more information.

Source: www,allbusiness.com, “17 Key Lessons for Entrepreneurs Starting a Business,” Richard Harroch, accessed Aug. 24, 2017

Recent Posts

  • Why do business partnerships fail?
  • Business litigation and common business torts
  • Know how to identify fraudulent misrepresentation
  • Lawsuit accuses developer of violating condo rules and profiting
  • What are a company’s fraud risks?

Archives

Categories

  • Business Litigation
  • Business Torts
  • Commercial Real Estate
  • Construction Litigation
  • Contract Disputes
  • Firm News
  • Legal Malpractice
  • Uncategorized
  • Workers' Compensation

RSS Feed

Subscribe To This Blog’s Feed

FindLaw Network
Warren Gammill & Associates, P.L. Logo

p  | 305-579-0000

f    | 305-371-6927

Contact Us

Courthouse Plaza
28 West Flagler St Suite 400
Miami, FL 33130

Map & Directions

Social Media

  • Follow
Review Us

Schedule Your Free Initial Consultation

© 2021 Warren Gammill & Associates, P.L.. All Rights Reserved.

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters