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.
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.
As someone who heads a Pennsylvania sole proprietorship, you may enjoy being your own boss. However, the possibility of forming a business partnership seems just too good to pass up. With a partner, your business can receive added expertise, more business connections and additional financing. But can you convert your sole proprietorship into a partnership? The answer is yes, though it requires a few crucial steps for the move to proceed.
You may have an exciting idea to start a brand new business in the state of Pennsylvania. However, many creative people do not have just one idea. What if a Keystone State entrepreneur has an idea for a printing company and a lawn mowing business at the same time? It would seem strange to form a business that offers both services, so the entrepreneur may choose to form two businesses instead. Like any business venture, you should consider the benefits and drawbacks to starting up two or more businesses at once.
Pennsylvania entrepreneurs unfamiliar with the various incorporation structures usually shy away from certain types of business formations. After all, there are some that seem to carry advantages above others. If you are considering these questions before you form your business, then you might already be a step ahead of your competition.
Some Pennsylvania couples decide that they can share a business just as well as they share a home, and many married couples do successfully run a business together. But is forming a business with a wife or a husband the right call for you? As with any business formation, there are pros and cons to working with your spouse that should first be considered.