Law Firm Assists in Business Planning and Formation in Cumming

Georgia Attorneys Help Clients Start Companies in Georgia

It takes more than a good idea and hard work to start a business. The business formation process requires you to make many decisions about how your company will be organized. You will need to learn the benefits and pitfalls of each type of business entity. At Lipscomb Johnson, LLP, we help clients plan and grow their businesses and choose the right type of entity. We also assist clients in securing financing and planning for tax liabilities. If you are planning to start a business in the Cumming area, we can help.

Choosing the Right Type of Business Entity

Depending on the type of business you plan to start, you will be able to organize it in a variety of ways. Each type has its own benefits and drawbacks. Some of the most common business entities in Georgia include:

• Partnerships. Partners work together and are all personally liable for the business’s debts.
• S corporations. This type of corporation limits the number of shareholders but provides special tax benefits.
• C corporations. While this type of organization offers more flexibility and room to grow, the business and its shareholders are both taxed on earnings.
• Limited liability company (LLC). An LLC’s owners are not personally liable for debts. The company’s liability is limited to its assets and it is controlled through the ownership of shares.
• Limited liability partnerships (LLP). In this type of partnership, at least one partner is personally liable for debts, but others may not be.

These are only some of the many possible forms that a Georgia business can take. When you meet with our business law attorneys, you will learn about which options are the best for your new business.

Preparing Your Company for Tax Liabilities

Each type of business entity has its own rules for taxation of the company and its owners. It is important to find the right balance of taxation and personal liability that works for you. Our experience and understanding of tax law provides a guiding light to those in the process of starting a new company.

Developing and Growing Your Business Plan

A business plan is an important document that shows where your business is and predicts where it will be going. A solid business plan is essential to obtaining financing and investment. Our legal team has experience advising and assisting all types of businesses as they grow. We will assist you in creating a business plan that allows you to anticipate changes and expansion in the coming years. A business lawyer at our firm will help you set realistic goals, organize your company and create financial projections so that you will be able to obtain funding.

Helping Small and Growing Businesses Obtain Financing

You may feel that your business is going to be a success, but in order to borrow money to build the company, you will need to convince banks or investors as well. Our team advises Cumming companies on the right types of funding and investment to seek. Whether your business takes out a loan, sells equity or establishes a line of credit, we provide you with options and advice along the way.