A company’s beginning is vital to the prospect of long-term success. In some cases, a company is started in Louisiana from scratch — built from the ground up. In other cases, the company is the result of a merger or acquisition that crafts a new direction for the business. No matter how a company starts, it is crucial to get started on the right foot.
At the beginning, a company will have many different issues to address. Will the business be a limited liability company? A corporation? A limited liability partnership? Any one of these decisions can point a company in a direction that can have a tremendous impact down the line, both on the bottom line and the long-term feasibility of continued operations.
Another issue that some companies will need to address at the point of formation is what responsibilities will be shouldered by which employees. Some will be in leadership positions, but it will need to be clear who will be making the decisions in certain areas. It is also important to consider potential scenarios that could have an impact on the business, such as what happens if a key business partner leaves the company or how profits may be impacted by new roles within the company.
At our law firm, we do our best to help companies that are our clients engage in a thoughtful process of considering which options will be best for the good of the company’s long-term success. In doing so, it is important to consider how certain scenarios will play out, both good and bad. For more information, please visit the business formation section of our law firm’s website.