New Business Ventures Should Seek Legal Counsel for Best Chances of Success
May 17, 2011
Los Angeles, CA (Law Firm Newswire) May 17, 2011 – The latest college graduates are attracted to starting their own businesses and know the power of social media, reports Businessweek. As business school graduates, tech-savvy types, and entrepreneurs emerge from bachelor and master’s programs this summer, it is vital to know how a new business should be structured.Many businesses are attracted to a doing-business-as (DBA) structure, but it can leave the owner personally liable for business debts and obligations. DBAs also limit tax breaks and just provide a nickname, but not much else.
“Your personal assets are completely at risk when you operate as a DBA,” said Los Angeles business attorney Anthony Spotora, from the Law Offices of Spotora & Associates, P.C. “A person can bring a claim against you and the business for professional or personal reasons.”
Setting up a business so its owner has limited liability is far better for a new business venture. A good business lawyer will help the individual determine if a limited liability company (LLC) is better or if an S or C-corporation is the best fit. LLCs and corporations have big tax advantages and secure a business’ name throughout the state.
“I had a business client that switched from a DBA to a corporation and saved $41,000 on their year-end tax bill,” Spotora said. “Knowledgeable business attorneys will look out for their clients to choose the structure that meets their needs and helps keep costs and paperwork down.”
Entrepreneur Magazine reports that more than 600,000 businesses are started each year in the United States. Spotora & Associates has helped start-ups and established businesses throughout Los Angeles and California. Beyond setting up the business structure, they are well versed in creating and reviewing contracts, business plans and operating agreements, and are also highly experienced in product launches.
The Law Offices of Spotora & Associates, P.C., is aware of the constantly evolving regulatory environment for businesses in California and the United States. They have represented clients in many diverse industries including restaurants and nightclubs, film, television, and multimedia productions, technology, marketing, communications, pharmaceuticals, and manufacturing and distribution companies.
Law Offices of Spotora & Associates, P.C.
1801 Century Park East, 24th Floor
Los Angeles, California 90067-2302
Call: (310) 556.9641