Whether you are trying to set up a small family business, a nonprofit organization or a large-scale corporation, we can help guide you through the process. Business formation is highly technical and has a lot of nuances so it is extremely important to choose an experienced attorney. At NNK, we can help you determine the best formation strategy for your business depending on your budget, your time frame and your overall goals. We will conduct a complete evaluation of the benefits and risks to choosing certain types of business formats and help you through the application process.
The goal of consulting with an attorney when starting a new business is long-term sustainable growth, and at NNK that is exactly what we strive for.
A sole proprietorship does not require any formal registration. A sole proprietorship is when you simply go into business with yourself; it is a one-person business. This means the individual who owns the business must report the profits and losses on their personal tax returns and will be held personally liable for any debts incurred by the business.
A partnership is a business owned by two or more owners. A partnership does not require formally filing any paperwork, it simply means that two or more people agreed to do business together. The business owners are responsible for reporting profits and losses on their personal tax return, and to pay their appropriate share of taxes on behalf of the business. Each partner is also responsible for any business related debt or obligations.
Corporations and LLCs
Forming a corporation or a limited liability corporation (LLC) requires formally filing paperwork, following some legal formalities and paying a fee to become incorporated. Corporations are considered an independent legal and tax entity separate from individuals that for them. This means forming a corporation or LLC protects the owner by limiting the personal liability for debts incurred by the business.
There are different methods to pay taxes depending on whether you choose to form a corporation versus a LLC. At NNK, our experienced tax attorneys can help you figure out exactly what the benefits and risk of each type of business entity would be so that you can make an informed decision.
If you are considering starting a business that could potentially open you up to lawsuits or debt, or you simply want to protect your personal property and assets from the hands of creditors – than a corporation or LLC might be the right answer for you. Call NNK at 972-939-4878 and let us evaluate your business plan.
No matter what your business needs, NNK can help evaluate your business plans and help you create an ownership structure that best meets your goals.
General Counsel to Your Business
Whether you are a small or large business owner, it is important to have an attorney that will act as general counsel for your business and make sure that your business is protected against any potential lawsuits. The role of a general counsel is to review any contracts, review business practices and generally make sure that the business is acting in accordance with the law. The general counsel is at the business’ disposal for general questions as well as lengthy and detailed matters. The business will be able to consult with the lawyer at any time and about any matter.
Our business lawyers can handle a multitude of issues including resolution procedures, amendment and bylaws to your company’s charter, shareholder agreements, negotiations, tax planning issues (state and federal), business acquisitions and mergers, confidentiality agreements, non compete agreements and even matters relating to international business. Not only can our attorneys advise you on legal matters, we can help you come up with a comprehensive plan that fits with the ever-changing global market.
Having a general counsel for your business is a way to protect yourself from potential liability and to ensure the uninterrupted success of your business. Call NNK at 972-939-4878 today for a free initial consultation.
Licensing and Compliance
At NNK, we help entrepreneurs set up business of all types and sizes. Setting up a business requires complying with certain legal formalities. State licensing can be a very complicated administrative ordeal because most states have very different statutory regulations and application requirements. Whether you have just opened your doors, are looking to expand or are an established agency, our full-time licensing professionals will develop, implement and maintain the appropriate licensing strategy that protects both your agency and your clients. Our attorneys will ensure that you have not missed any steps when setting up your business. NNK can help you obtain a license under Texas law for doing retail business in the state, wholesale or retail alcoholic beverage licenses, nurseries, collection agencies, commercial driver’s license and various other industry licenses.
We can also help you if you are facing a dispute regarding the validity of your license. Our attorneys represent business owners whose license is in the process of being revoked or suspended. If your license has already been suspended, we can help you reinstate that license after the period of suspension has passed.
The Texas Alcoholic Beverage (TABC) can cite restaurants, bars and other businesses for violating liquor license laws in the state of Texas. TABC can hand out violations for serving an intoxicated person, serving a minor, of failing to report an incident of breach of the peace. A violation reported by the TABC against your business could threaten the success and reputation of your business. If your business is facing a TABC violation, you should consult at attorney immediately to make sure your business does not suffer irreparable harm.
If you are interested in starting a business or currently own a business, you should contact an attorney to evaluate your business plan and ensure that you are in compliance with all relevant licensing requirements.