Structuring Your Business in Oakland County
Oakland County Business Attorney
After you have selected the best entity for your needs, you will need to structure your business. To structure a business is to determine operating procedures and guidelines. There are a variety of matters involved in structuring, including figuring out agreements between parties, buy-sell agreements, operating agreements, benefits and cafeteria plans. My goal as an Oakland County business lawyer is to maximize the usefulness of the business on behalf of your best interests.
Ways to Structure a Business
Because each business is different, it is important to obtain individual counsel and representation. With over 20 years of experience, The Law Offices of Stuart Lee Sherman, PC is prepared to assist you in the following areas:
Agreements Between Parties
It is important to have agreements in place with business partners, vendors and everyone involved in your business. Maintaining these records in writing allows you to rest assured that those involved with your company will uphold their portion of the agreement or face legal consequences.
If your business has multiple owners, it is important to create a buy-sell agreement. A buy-sell agreement protects the partners when one of them would like to exit the company by setting a price and terms for the other owners to buy out the shares of a partner who wants to retire, passes away or just wants to leave.
If you own an LLC, an operating agreement can help protect your limited liability. An operating agreement offers structure to your business's financial and functional matters. It addresses issues, including the distribution of profits and losses, membership interest and how the business will be managed.
If you own a business, it may be important to purchase benefits for yourself and your employees. While this may sound expensive, it is important to keep in mind that you do not have to pay for all of their coverage. Additionally, you may be eligible for a federal health care tax credit if you meet certain criteria.
A cafeteria plan, or Internal Revenue Code Section 125, allows small businesses to let their employees select cash or benefits. If they choose benefits, the amount will go directly to the cost. If they choose to take the money, it will be taxed.
Enlist the Guidance of an Oakland County Business Lawyer
If you have a business, structuring it properly helps it flourish now and prevents problems in the future. Depending on your business, you may benefit from implementing one or all of these, and I can discuss what is best for your business. Contact us to learn more about the advantages of working with our firm or take advantage of our free case evaluation to get started structuring your business today!