Business Formation and Operating Agreements

Starting a business can seem like a daunting task with various to-dos and checklists. We can assist with the legal aspects to avoid pitfalls later on. Although many people run their business as a sole proprietorship, choosing to form a business entity can help you avoid personal liability in certain situations. A Limited Liability Company (“LLC”) is one of the most common business entity structures chosen. The formalities of a LLC are less than that of a Corporation and may be a single member or multi member LLC. 

On the other hand, a corporation may make more sense depending on your future goals. Whether you decide to use a limited liability company or corporation for your business structure, it is a good idea to have an operating agreement outlining important aspects of your business. An operating agreement becomes even more important when there are multiple owners. In the case of multiple owners an operating agreement may include details and provisions on profits, management, and buy out procedures if one owner leaves the business or passes away. Regalis Law is here to provide you with legal counsel and guidance in starting and operating your business.