If you’re starting a business in Maine, it’s important that you create a good foundation for growth. You should be sure to have an accountant to advise you, as well as an attorney and an insurance agent.
By creating an entity for your business — such as a corporation or a limited liability company — you allow yourself to take certain risks to grow your business while also protecting your personal assets. Insurance is an important part of this, too. Having an entity also creates tax savings.
It’s not enough to just create the entity. It’s imperative that you also use it the right way. You need to document your entity’s business decisions, file annual reports, and have other documents in place. If you ignore these things, a court might find that your entity doesn’t really exist.
If you are in business with other people, be sure to have agreements in place before there is a problem, while clearer heads are prevailing.
At Lipman & Katz, we can help you choose the right business entity, provide start-up assistance, and help manage it with ongoing counsel and representation. Let’s discuss your options — call us at 800-660-3713 or contact us via our free inquiry form.