Do you own a business? If so, you may need a Business Lawyer Arlington VA. While some people will only turn to a lawyer after a lawsuit has been filed, there are some things you can do to avoid court in the first place. In fact, it is actually a good idea to consult with a lawyer before things escalate and end up in the courtroom. As the old saying goes, an ounce of prevention is worth a pound of cure. Sometimes investing a little money up front to consult with a Business Lawyer Arlington VA will save you a lot of money in the long run.
For example, maybe you need someone to help you draft contracts for your business. If you are selling your services, you need a good contract that will protect you. What if you provide quality services and then your customer refuses to pay you? It is better to speak with a business lawyer Arlington VA before this happens because in Virginia, a poorly drafted contract may not be enforceable at all. A skilled Business Lawyer Arlington VA will meet with you and get an understanding of the specific terms you want included in your business contracts, then put those terms into a binding and enforceable contract that will protect you in the future.
You may also need a Business Lawyer Arlington VA to help you in dealing with employee matters. Maybe you need non-compete, non-solicitation, or non-disclosure agreements for your employees? Without these kinds of restrictions, one of your employees could take your company’s ideas and share them with our competitors. A good Business Lawyer Arlington VA can help you to draft good agreements for your employees. If these agreements are not drafted well, they may not be enforced.
A Business Lawyer Arlington VA can also help you with employee disputes. An employee or former employee can accuse you of discrimination or failure to pay them. As soon as these kinds of allegations are made, do not ignore them! Consult with a Business Lawyer Arlington VA. A good Business Lawyer Arlington VA may be able to help you negotiate with the employee to resolve things amicably before you are sued.
Finally, if your business is sued for any reason or needs to sue someone for any reason, you need a competent Business Lawyer Arlington VA. In Virginia, you need to act quickly to address lawsuits (whether you are the person suing, or the person being sued) because there are strict timelines associated with business lawsuits. A Business Lawyer Arlington VA will know the applicable timelines and protect your interests in the event of litigation.
Legal Considerations for Small Business Owners
Developing a small business begins with the birth of an idea. It will take a lot of work for a prospective business owner to plan and build a business from the ground up. Making a dream into a reality takes commitment and a considerable amount of drive. There are a number of factors to consider when starting a small business. Perhaps one of the most important aspects is ensuring that your business is legally compliant with federal and state laws. You will also want to make sure that you are legally protected from others trying to take advantage of you. As a small business owner, working with a business lawyer Arlington VA can provide who is well-versed in business law may be very beneficial for your small business.
Taking the Advice of Others
When starting your own business, many people will likely offer you advice. Many of them will tell you how you should develop your business, whether you have asked for this advice or not. Although people mean well, they may be offering their opinion about a subject that they know nothing about. There should only be a few select people that you rely on for business advice, including a business lawyer Arlington VA entrepreneurs count on for legal counsel.
Putting Together Your Business
You will want to make sure that your company is structured in a way that provides you with legal protection. This is usually achieved by putting the necessary agreements and contracts into place. Another important factor to this is the type of business you will be forming. Speaking with an Arlington business lawyer and an accountant can help you determine the best fit while considering how your taxes will be impacted.
Your Intellectual Property
Intellectual property is a way of protecting designs, inventions, and ideas from being used by another person or company without your permission. A business lawyer Arlington VA offers may help ensure that any trademarks, patents, or licensing agreements are protected. They can also ensure that the name you choose for your company is not already owned by another entity.
Define Your Partnership
If there is more than one owner, you’ll want to have an agreement that clearly defines your partnership. By doing this, everyone will have a clear understanding of the expectations when it comes to the operations of the company, job duties, and profit sharing. Failure to have a clear agreement could impact your partnership in the future and could mean an end to your business.
Hire an Attorney When Starting a Business
Starting your own business can feel like a leap of faith. Although starting your own business could pay off in the long run, you will want to take the proper steps to ensure that your business is successful. A business lawyer Arlington VA residents trust may provide you with legal counsel that will contribute towards a successful small business.
By hiring a business lawyer in Arlington VA, you give yourself the advantage of working with a legal professional who understands the state and federal laws you need to comply with — and also the laws that can protect your business from others.
Contact a Business Lawyer Arlington VA Residents Know and Trust
The stakes can be very high because if your business loses a lawsuit, you may end up having to pay all of your profits to the person who won the lawsuit—or, worse yet, a judgment against your business could lead to bankruptcy. Do not delay…if you need a Business Lawyer Arlington VA, please contact May Law, LLP right away for a consultation.
What is the difference between a subchapter C and S corporation?
If you are forming a new company, you may greatly benefit from the guidance of our business lawyer at May Law LLP. We help newly emerging and established companies of all sizes. If you are considering what type of corporation to form, it’s important to gain an understanding of your choices and the potential tax obligations of each. Our business lawyer can guide you through the process and protect your best interests along the way. If issues arise, we can provide you with answers to your questions and concerns with a level of experience that you can trust. Call us today to learn more about our legal services. Below is a general overview about the differences between a subchapter C and S corporation.
How does a subchapter C and S corporation differ as far as paying taxes is concerned?
Your business lawyer can provide more detailed information, particularly as it pertains to your specific circumstances, but the fundamental difference between the two is as follows:
- A C corporation is an entity that is separate from the corporation’s owners.
- In an S corporation, the corporation’s owners (shareholders) pay taxes on their shares of the company if they enjoy a return on them. They also record monetary losses and deductions associated with the shares when they file their taxes.
- C corporation and S corporation owners have equal protection if a lawsuit is filed against the corporation. This is because any activities of the corporation are separate from its owners and so the corporation’s liability cannot transfer to the shareholders.
- C corporation shareholders are taxed based on the amount of dividends that they receive from their shares. Individuals who are shareholders and also have paid positions within the company (such as an employee or executive) they are obligated to also pay taxes on their regular, personal earnings.
- C corporation shareholders do not receive dividends. The corporation is obligated to file taxes based on the year’s net profit or loss but the burden of paying taxes on the profits falls on the shoulders of the shareholders. In other words, they must pay taxes on their earnings when reporting their personal tax return.
What is a C corporation?
A C corporation is a legal entity that is separate from its owners and as a result the corporation as that entity has the latitude to make a decision, own property, have liabilities as well as assets. In addition:
- The owners of a C corporation are referred to as stockholders or shareholders. This is because they own shares of the company’s stock.
- The C corporation’s activities are legally separated from the company’s shareholders. This separation includes revenue, sales, liabilities, assets, and expenses.
- A Virginia C corporation can be formed with the help of a business lawyer located in VA such as our business lawyer at May Law LLP
What is an S corporation?
- The owners of an S corporation are referred to as stockholders or shareholders. This is because they own shares of the company’s stock.
- The S corporation’s activities are legally separated from the company’s shareholders. This separation includes revenue, sales, liabilities, assets, and expenses.
- A VA S corporation can be formed with the help of a business lawyer located in VA such as our business lawyer at May Law LLP.
If you would like to know more about the various types of corporations, contact our business lawyer at May Law LLP.