Cleveland Small Business Lawyer/Attorney
Starting a business can be a daunting task. After making the decision to embark on your own business and determining the product or service, market and approach you will take, the practicalities of setting up the business begin. From a legal standpoint, the initial aspects and steps we take at Petronzio Schneier Co., LPA generally proceeds as follows:
- Initial Telephone Conference or Meeting: At this point we generally have a short discussion about what you would like to accomplish and the type of business and partner arrangement you are considering. You may ask about our experience with your type of business and entity choice. We will also discuss fees and either propose a follow up meeting, if the situation warrants further discussion, or propose an hourly or flat fee price for the business setup. You may move forward with our plan or compare us to other attorneys before committing further. We recommend you contact several attorneys to find the right fit, someone with whom you will feel comfortable calling on as your business advisor.
- Once engaged, we discuss and confirm your choice of entity (typically an LLC or Subchapter S Corporation), verify the availability of your choice for company name and prepare the initial Articles for filing with the Secretary of State.
- During this process, we discuss and determine the terms for any agreements between the shareholders or members, usually to be contained in a Code of Regulations or Close Corporation Agreement (if a Corporation) or in the Operating Agreement (if an LLC). We may also discuss or recommend a separate Buy Sell Agreement (which deals mostly with the restrictions on transferring the shares of stock or membership interest).
- Once the Articles are filed and confirmed, we set a Corporate Meeting date and prepare initial corporate minutes and the Corporate Book, along with any Shareholder or Member Agreements.
- The Corporate Meeting involves the execution of the Corporate Minutes and Book, along with any Additional Shareholder or Member agreements, and a general business and legal discussion, which may include how to maintain and operate the company from a legal standpoint, how to protect the limited liability the company provides, how to protect funds invested in the business, types of insurance coverage or accounting needed, licenses needed, employment issues and other general issues particular to the type of business and circumstances related to your business and structure.
- Following the meeting, you will, with your accountant or our assistance, apply for your EIN (tax identification) number and make your IRS elections, if applicable.
- Additional follow up projects following the initial setup typically involve negotiating leases, preparing or reviewing your business contracts, discussing or setting up your employment agreements, or helping you with any number of licensing, joint venturing or similar business arrangements.
There may be many other issues or matters involved with your situation or business setup, but the process above is typical in most or all new business setups. The process ranges from a very simple process, as a one person entity, to complex, as additional owners and multiple company structures are added to the structure. In any case, we will work with you to isolate what to expect and the costs that will be involved in the beginning, to help you identify and consider the cost, possibilities and timing involved before starting the process. Please feel free to call me to discuss your particular situation. An initial consultation is provided without charge, and we would be pleased to be a part of your startup and success.