Starting a Business?
Whether it’s a multi-million dollar startup or a part-time business from your garage, Albuquerque Business Law can help you get your business started on the right track.
Besides expert legal services to help you form a business entity that works for you, we provide professional business planning and consulting services to help ensure the success of your business. To make starting your business easier, we’ve included helpful background materials on different types of businesses, the advantages and disadvantages of each, and what you’ll need to get started.
What you’ll need.
Starting a business is relatively easy. However, keeping it in business and making it a success takes determination, focus, and hard work. Not to forget, good legal advice and sound business planning.
Why go into business?
At Albuquerque Business Law, we think anyone who is serious about obtaining financial independence should consider starting his or her own business. As the saying goes, “Very few people ever became wealthy working for someone else.”
Types of Ownership
There are numerous business ownership types, including sole proprietorships, DBAs (doing business as), partnerships, LLCs (limited liability companies) and corporations. But which one is right for you?
A sole proprietorship is the easiest business to start. But it is also one of the weakest when it comes to liability protection, raising capital or selling the business. Learn the advantages and disadvantages of a sole proprietorship.
From protecting owners from liabilities to raising capital, corporations are the most successful business entities on the planet. Find out if being incorporated is for you.
Professional corporations allow architects, doctors, lawyers, accountants and other professionals to work together, pool resources and get favorable tax treatment—without being personally liable for debts, obligations, negligence or malpractice from other members.
Limited Liability Company (LLC)
LLCs are quickly becoming one of the most popular business structures today. Essentially, a hybrid of a partnership and a corporation, the LLC provides limited liability protections for the owners as well as pass-through taxation, easier maintenance and greater management flexibility.
A franchise is a business that is authorized to sell or distribute a company’s goods or services in a particular area. But what are the advantages and disadvantages of buying into a franchise business?