What Is It? Business law encompasses the formation of new business entities, creating the operational documents for the owners to abide by, solving issues that arise over the years (e.g. with employees, other companies, vendors, etc.), and business succession planning. Wyoming is home to companies that operate all over the country because if our excellent business laws and privacy afforded to the owners.
What is Commonly Involved? Business owners first need to decide which type of entity best serves the company’s goals. A few options include limited liability companies, corporations, partnerships, etc. Next, the business owner may have different options when selecting how the business will be taxed, which include s-corps, disregarded entities, partnerships, etc. It is also important to ensure that each entity has an operating agreement or bylaws, which is custom tailored to owners and their goals.
Where do I start? There are many online services offering to establish a business entity of your choice in the jurisdiction where you choose. Unfortunately, paying for these mass produced documents do not allow you to consult with an attorney and do not ensure that the correct business entity is formed with the appropriate documentation. Therefore, it may be necessary to consult an attorney to protect your individual and business assets. Please feel free to contact us and review these resources: Asset Protection for Entrepreneurs, Four Things Business Owners Should Know About Trademark Infringement, What Happens to an LLC After a Member Dies, Five Types of Risks that Businesses Face, Protecting Your Assets as we Prepare for Reentry After Covid-19, and The Rare Case when the Limited Liability Veil will be Pierced in Wyoming.
Disclaimer: This is not legal advice but rather general legal information for your enjoyment.