As a Pennsylvania entrepreneur, one of the most important decisions you must make is which type of business entity you will choose for your new company. This decision will affect how both you and your company will operate for many years into the future.
Some Pennsylvania entrepreneurs have special concerns about exposing themselves to liability when starting a new business. If you and a business partner are exploring a way to come together to form a business while limiting your liability exposure, a limited liability partnership is one option to consider. Even so, LLPs are not for every partnership, so some factors should be taken into account while exploring this option.
Forming a business from the ground up requires business leaders to be focused and to sacrifice their own comfort in order to acquire their goals. For many small businesses that are just beginning in Pennsylvania, one of the biggest challenges can be marketing their products or services on a limited budget. Despite the truth that marketing and advertising account for a significant portion of any organization's budget, small businesses can use strategic methods of informing the public in their effort to create interest without destroying their budget.
You can never be sure how long you will stay in business. Sometimes you just do not find it feasible to keep running your company and you want out. However, if you run a franchise in Pennsylvania, a swift and easy exit may not be in the cards. In fact, if you have not planned for an exit strategy, it could cost you a lot of money to end your franchise prematurely. So if you are considering starting a franchise, think about how you can get out of your franchise if you want to.
It is natural for an enterprising individual to consider starting their own business. The ability to be your own boss, to control your own products, make your own schedule and set your own goals are very attractive to many people. One of the best ways to begin your journey down this path is to create your own sole proprietorship.
At Huckabee, Weiler, & Levengood, P.C., we are proud to represent Pennsylvania business owners and families. We believe that our support prepares them for success by clarifying plans, advising on structures and helping to make business formation more efficient.
If you want to be a business owner in Pennsylvania, one option you have is to buy a franchise. A franchise allows you to own your own business that is part of another larger business. For example, you may be able to own a fast food restaurant from a national chain. You will sell all the same products that customers expect from this fast-food chain. You also get support from the corporation. However, not all franchises are created equal.
Regardless of the nature of the business you plan to establish in Pennsylvania, you are going to run into areas where you face possible exposure to liability. Just how much it can hurt your personal assets when someone sues or files a judgment against your company will depend on the type of business structure you operate, with some business structures protecting your personal assets far better than others. At Huckabee, Weiler & Levengood, P.C., we understand the benefits and drawbacks associated with each type of business structure, and we have helped many people looking to create their own businesses determine which business type best suits their needs.
The prospect of forming a new business in Pennsylvania can be both exciting and overwhelming. Based on the goals you want to accomplish and how you want to operate, one of the first things you need to do is decide on a business structure. Business structures range from the simple (partnerships and sole proprietorships) to the complex (corporations and LLCs).
Some Pennsylvania small business owners may find it redundant or unnecessary to open up a bank account strictly for their business. Why go through all the trouble of setting up a new account when you can use your existing one to write checks and receive deposits? However, in reality, setting up a business account is both a wise and in many cases the legally prudent move.