What business entity should a smart entrepreneur choose?
The deep legal team at the Nashville-area law firm of Cook Tillman Law Group commands decades of experience advising diverse commercial clients across the virtual universe of business considerations.
We note on our firm’s website that our established representation of business owners, medical professionals, entertainers and myriad other clients reveals a fundamental point.
And that is this: “Entrepreneurship is risky.”
It is also bracing and profitable in legions of cases too, though, especially for creative and pragmatic risk takers embarked on well-considered start-up opportunities.
For many of those smart and hard-working individuals, an initial hurdle to be faced is entity formation. One online overview of company creation stresses that, “Of all the choices you make when starting a business, one of the most important is the type of legal structure you select.”
We certainly endorse that assessment, noting as practiced commercial attorneys that start-up enterprise principals’ due diligence actions regarding entity type are key determinants surrounding future success or failure.
“I’ve heard horror stories from people who, in hindsight, wish they had taken the time and spent the money to get expert advice upfront,” says one commentator in the business publication Entrepreneur.
Proven commercial attorneys working alongside valued clients at the entity start-up stage duly spotlight a number of focal areas that mandate close attention and prudent action. Those range widely from liability concerns, tax implications and management-employee relations to financing, relevant contract drafting, succession planning and more.
Following through on a business plan is an exciting and potentially lucrative endeavor. A seasoned legal team can help promote an entrepreneur’s vision and best interests during business establishment and thereafter.