Business Formation

So, you have decided to make the dream of owning your own business a reality. Congratulations! Being a business owner can be a great and rewarding endeavor. To build your business on solid ground, you will want to take care to do your research, check-off all of your to-do list items, and be sure to observe all of the red tape and formalities that lie in wait for you.
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A Limited Liability Corporation or “LLC” is a popular business structure to select. It affords owners many benefits, including pass through tax benefits, flexibility, and personal liability protection. If you are an entrepreneur looking to form an LLC in Texas, here is an overview of the formation process.
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Having a great idea for a business is just the beginning. Actually setting up a business for success and working through all of the formalities required to get a business up and running can be an arduous process. It is, however, an important one. How you set up your business will have significant impacts on how it is run, your personal liability, and your tax liability. One of the biggest decisions you will need to make is what type of Read more . . .

Starting a business will involve many decisions. Perhaps one of the most important decisions among them will be how you will structure your company. The legal structure of a business will impact its very foundation, all the way up.
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One of the major decisions you will take on as you start up your business is what type of business entity to select. There are pros and cons to every type. Understanding your options is the first step in making an educated decision about this important step in the business formation process.
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Starting a business is an exciting time and one filled with important decisions to make and tasks to undertake. If you have decided that establishing your business as a Limited Liability Company (LLC) there are certain regulations that you will need to comply with in order to successfully create a valid LLC. While there are specific procedures that you are required to follow and formalities that must be observed, an LLC is a great choice for your company because of the benefits it provides.
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There are several documents that are foundational in starting a business. A shareholder agreement is one such document. The shareholder agreement essentially lays down how the business will be run.
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Texas Business Law Attorney

Putting that entrepreneurial spirit into action and forming your own business is a big step. Starting a business is the time to put all of those exciting ideas into a more detailed and concrete plan that will lay the foundation for its future. The Kumar Firm takes great pride in providing trusted legal counsel to those who are looking to start their own business. It is a journey filled with important decisions and legal considerations. The Kumar Firm will help you navigate these waters and help set your business up for success.

What are the Steps to Starting a Business?

The first step to starting a business is to develop a solid business plan. Get down into the specifics of what your business will look like. You will need to answer some tough, but necessary questions about your business such as:

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What are my funding options if I cannot secure a bank loan?

Your first challenge as a new business owner is often determining how to finance your venture.  Nearly every business will require some sort of capital to start off strong.  To launch your startup, you may need to hire new employees, rent a space, invest in new equipment, market your business, and the like.  With interest rates rising and banks more closely scrutinizing loan applicants, many new business owners are turning to alternative funding options.  Our Austin, Texas business startup attorneys explore your options when it comes to funding your new venture below.

Small Business Loans

Perhaps the first avenue that comes to mind for raising funds for your business is a small business loan. Banks offer small business loans, but it can be hard to qualify.  Most banks will require a stellar credit score, strong business model, and at times previous business success.  Many new business owners will find themselves denied by large banks.  Alternatively, there are several lending companies that may have looser criteria for a loan.  It is vital that you research these lending companies, as some will charge exorbitant interest and could use predatory methods.  Your business startup attorney can help by reviewing any potential lending agreement to uncover predatory lending schemes.

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How has the new tax code altered business taxes?

The business world is abuzz with talk of how the new tax code may impact numerous critical aspects of a business’ taxes. Selecting a business entity for your new business has long been a critical decision for business owners. Your business entity will determine how you are taxed, as well as vital issues of liability and control over the business. Due to the tremendous impact of your entity choice on your taxes, it is possible that the new tax code could alter the entity choice of some new business owners. Our

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