Businesses in the Commonwealth of Massachusetts face many challenges today. Operating a business requires an understanding of Federal, State, and local statutory authority, administrative rules and regulations, and a whole host of permitting and other regulatory requirements. Depending on the business sector that a company operates within, these regulatory requirements may seem overwhelming to a Massachusetts business owner.
If you own a business in Massachusetts or are thinking of starting one, employing an attorney with experience in business management, business startups, and choosing the appropriate corporate structure for a business is a must.
Liability Reduction is the Key
A key facet of choosing a corporate structure or restructuring a business as an LLC, corporation, or other structure is to reduce liability to the owners of the business. Ask yourself these questions:
- If you already have a business, have you chosen the best corporate structure to minimize liability to your personal assets?
- If you are starting a business do you know whether you want to choose an LLC, corporation, partnership, limited liability partnership, or other structure? If so, why do you want that particular corporate structure?
- Do you know what documentation you will require by statute or other regulation for your new or existing business to remain complaint with federal, state, and local laws and regulations?
- Are you prepared to follow the administrative and operational guidelines that your business requires?
- Do you know how to draft meeting minutes, keep the books of the corporation, prepare and maintain policy and procedure for both administrative and human resource needs for your company?
- Are you prepared to review contracts, draft contracts, or negotiate for more favorable terms in a contract with a vendor, other individual or company?
- Is your business required under Federal, Massachusetts, and/or local law or regulation to acquire specific permitting or licensure to operate as a business?
- Do you have someone or some entity that you can use as a resource to bounce questions or ideas off of as they arise during the operation of the business?
- How have you drafted bylaws, operating agreements or articles of incorporation or organization to comply with both the needs and specific aspects of your business and with Federal, Massachusetts, and local rules and regulations?
- Are you prepared to enter into negotiations with employees, vendors, and other companies and individuals in a manner which will produce the best outcome for your business?
- Do you have forms that you regularly use in your business that comply with Federal, Massachusetts, and local rules and regulations?
If you are able to honestly answer each of these questions in the affirmative then your Massachusetts business is likely well protected from liability risk. However, because of existing regulatory authority, and due to the number of state, local, and federal regulatory bodies that are continuously releasing new law and regulation, it is prudent to obtain the services of an attorney with experience in navigating these areas. Our firm provides services in business entity formation, management of administrative tasks, compliance issues, policy and procedure drafting and review, contract drafting, review and negotiation, various business transition issues, and other business services for a manageable monthly fee.
DISCLAIMER:
The information provided in the pages and posts of this website are for general informational purposes only. The information presented on this site is not legal advice, and no attorney-client relationship is formed by the use of this site.
