Louisiana Small Business Planning Lawyer
Small Business Planning Attorney in Louisiana
Starting a small business is an exciting and thrilling adventure. However, it can also come with its own set of legal challenges. Whether you are opening a coffee shop in Baton Rouge or are starting a medical practice outside of New Orleans, an experienced Louisiana small business planning lawyer can help your business start on the right path and protect its success for years to come.
Seek Reliable Legal Advice From Field Law
For years, the team at Field Law has been helping Louisiana residents create and grow successful small businesses across the state. Our founding attorney, Morgan Field, holds a recognized track record of assisting his clients through even the most complicated business formation, Succession Litigation, or litigation issues.
As a proud member of the Baton Rouge Bar Association, the Louisiana State Bar Association, and the American Bar Association, lead attorney Morgan Field is ready to help local Louisiana businesses thrive while helping them comply with state laws and protect their futures.
Different Types of Small Businesses in Louisiana
Louisiana has around 511,235 small businesses in operation, and your business deserves the protection that can be gained with the help of a qualified attorney. Over our years of service, the team at Field Law has helped countless small businesses with various legal issues, such as property transfers, asset protection, and ensuring that all legal paperwork is updated and compliant when necessary.
In addition to managing active businesses, estate planning, and helping prepare succession plans, we have also helped clients start their businesses. Our team is passionate about helping you start your business on the right foundation. We can review your business plan and help determine what type of small business is right for you. The following are common types of small businesses seen in Louisiana.
- Limited Liability Companies (LLCs). These are widely considered the most popular type of business. LLCs offer you flexible and easy management and can typically allow you to seek similar liability protection without having to deal with extra paperwork or issues regarding compliance. LLCs can often be used to hold assets like rental properties or those with inherent risks.
- Sole Proprietorships. Across the United States, sole proprietorships represent around 86.4.% of the 8 million nonemployer businesses currently in operation. These are often the easiest businesses to start and can help your self-created small business be successful from the beginning. Many business owners who operate out of their homes or small studios begin with sole proprietorships.
- Corporations. These are the only types of businesses that establish a legal entity that is completely separate from the entity’s owners. Owners of the corporation are offered stock and can vote on issues regarding the business based on the articles and bylaws of their corporation, which an attorney can help set up. Stock can be sold and traded, allowing for ownership expansion without any disturbances.
- Partnerships. This is, perhaps, one of the oldest business models and is a prominent choice amongst business and financial professionals. Partnerships allow flexibility that is typically not afforded in models like corporations, and they allow you to set up a structure of management where all partners are given a voice in important matters. This is the ideal business structure for businesses like law firms or medical practices.
How Can a Small Business Planning Lawyer Help?
At Field Law, we can review your business plan and offer advice on what form of business is suited to your needs. We can also help with a variety of small business legal matters, including:
- Converting an existing business to a new entity
- Buying an existing business
- Selling your business
- Drafting and negotiating ownership agreements
- Establishing partnership agreements
- Drafting or negotiating business contracts
- Drafting business succession plans
Whether you’re looking to start a business or you’ve owned a thriving small company for years, the experienced team at Field Law can help you manage and protect your interests with confidence.
FAQs
What Is the Difference Between an LLC and a Corporation?
The main difference between an LLC and a corporation is their structure. Corporations tend to be more formal in nature, offering strong shareholder protection and needing to follow strict regulations. LLCs are often more flexible and less regulated, yet still offer shareholder protections. Other differences include the tax implications that may come into play and the protections afforded to the shareholders.
What Should Be Outlined in a Business Partnership Agreement in Louisiana?
When creating a business partnership agreement in Louisiana, there are various key elements that should be included. These elements include how the ownership of the business will be divided between the partners in order to avoid any kind of disputes, including Estate Contests and Disputes, in the future, or what might happen if one of the partners leaves the company or dies. An experienced Louisiana small business planning lawyer can help you create a fair, clear partnership agreement.
When Should You Hire a Small Business Planning Lawyer in Louisiana?
If you’re looking to start a small business, need assistance managing a small business, would like to draft a succession plan for your business, or need help preparing a Power of Attorney, you should seek legal guidance from a skilled Louisiana small business planning lawyer. Small business planning attorneys in Louisiana have the local knowledge and experience needed to help you build powerful business plans that are legally compliant.
What Are the Main Elements of a Successful Business Succession Plan in Louisiana?
A well-established business succession plan is crucial for ensuring your business lasts and is successful for years to come. To achieve this, several key elements of your business will need to be addressed, such as the selection of successors, the training and development that must be enacted to make certain the successor is correctly prepared, and the legal considerations that could come into play, such as updating wills or setting up trusts.
Hire a Small Business Planning Lawyer Serving Louisiana Residents
When it comes to establishing and managing a small business, you should never leave its future up to chance. Hire a small business planning lawyer from Field Law who can help you craft a successful business and succession plan tailored to the needs of your company. At Field Law, we strive to protect your legacy for generations to come. Contact us today to learn more and schedule your consultation.
