Building a Road Map for Your Business
There are many aspects of your business that may be legally required to
establish – registering its name, picking a structure, and adhering
to regulations – but what’s not legally required is establishing
how you’ll run your business on a day-to-day basis.
Guessing as you go along may not be the best way to handle your investment.
At The Browne Firm, we can work with you to help you build a business
plan and strategy that can give your company the guiding light it may
need when you’ve just begun.
Our business formation attorney in Mt. Vernon can help you build a business
plan and strategy that can answer these important questions:
- What is the scope of my business and what goals should it have?
- How will I or other employees work to achieve our goals?
- What are my company's financial assets and liabilities?
- Who is my competition?
- What kind of impact do I want my business to have?
- How can I make my business stand out from my competitors?
Business Structures You Can Choose
For many business owners, the first task to complete is choosing a business
structure that best aligns with their plan or strategy. While there are
many business structures in use throughout the country, four main types
are in common use.
Four commonly implemented structures for entity formation are:
Sole Proprietorships: This type of business is nearly indistinguishable from its owner. The owner
can personally reap all of its profits, but they're also on the hook for
all its debts. This may be the quickest, most cost-efficient way for entrepreneurs
to start a business, but they should be mindful that they can be held
personally liable for any of the business’ actions.
Partnerships: A partnership can be formed when two or more people enter into business
together. Typically a partnership agreement will be drafted before business
begins to outline each partner’s stake in the company’s profits,
losses, and liabilities.
Limited Liability Companies: With an LLC, owners are considered “members” and may not be
held personally liable for all the business’ actions or debts. As
with a partnership, members may draft an agreement to detail provisions
for management and distributions of profits and losses.
Corporations: A corporation is a complex business structure that affords a company with
rights, privileges, and liabilities that may extend beyond a single individual’s.
Structuring your company as a corporation can lead to tax benefits and
other perks, but you will lack the kind of control you have over your
business that’s present in other structures.
Your Legal Guide to Running a Sweepstakes Contest
Businesses can successfully market themselves to the general public or
a target audience with a sweepstakes contest. This type of event typically
involves awarding a prize based on chance. Choosing to use this promotional
tool is up to you, but The Browne Firm can help you understand the laws
around sweepstakes so you can protect your company.
After we help you ensure that your sweepstakes complies with applicable
laws and regulations, we’ll work with you to draft relevant disclaimers and
contracts that can guard your company against unnecessary legal claims and future
For legal matters concerning business formation in Westchester County,
reach out to The Browne Firm. Call our law office in Mount Vernon today at (914) 290-5622.