BUSINESS & ORGANIZATION PLANNING

For nearly 50 years, the business and employment law team at Foshee & Yaffe has provided counsel for businesses of all sizes.

Our unique experience with contracts, negotiation, complex business litigation, economic torts, employment law, and business formation make us well-prepared to serve your business organization and planning needs.

Knowing what questions to ask during the formation of your business is crucial to legally establish the organizational framework that aligns with your vision and enables you to grow. Starting with the basics, walking you through vital details and helping you bypass common pitfalls, we are poised to help you find the right strategy for the planning and formation stages of your organization, including creating workplace policies and procedures.

Asking The Right Business Organization Questions

According to United States Small Business Administration, here are a few important questions to ask at beginning of a new venture that we can help you answer:

• What is your company’s organizational structure?

• Who owns your company and how?

• Have you created profiles of your management team?

• What are the qualifications of your board of directors?

• Who is on your board?

• Have you defined who does what in your organization?

• What is your salary structure?

• Are you offering benefits packages?

• What service or product line will you provide?

Choosing a Structure

One of the first things we’ll need to help you decide is what business structure you will need. This decision has several legal and tax-related implications, so choosing the right structure is an important first step. We are prepared to help you choose the structure that best suits your current needs and your future goals.

Available structures include:

Sole Proprietorship

Are you the only employee? Sole proprietorships are the most basic business structures. In a sole proprietorship structure, you would be responsible for all liabilities and assets as the sole owner. 

Limited Liability Company

Partnerships provide certain operational flexibilities. Corporations maximize tax efficiencies. Limited Liability Companies (LLCs) are set up to offer both of these benefits. 

Cooperative

Cooperative structures are established to provide services for the benefit of all members and owners. 

Corporation

This structure is best for well-established, complex organizations with multiple employees.

Partnership

When more than one party wants to combine for the benefit of mutual interest, a partnership may be formed, defining the responsibilities and exchange for each partner.

S Corporation

Finally, an S Corporation structure is what’s called a “pass-through” structure, giving the tax benefits of a simple partnership to a corporation with 100 shareholders or less.