Are you starting a new business in Chattanooga, Tennessee?
The Law Firm of Thomas & Thomas can help you navigate this complex, important life decision...CHATTANOOGA, Tennessee- If you’re starting a business, you’ll need to know the complex laws and structuring mechanisms. Many business structures exist (LLC, Corporation, Partnership, Sole Proprietorship, S-Corp, C-Corp, and Non-Profit), and each has very specific benefits, fallbacks, and hoops to jump through. Choosing the wrong structure could end up costing you thousands of dollars in tax liabilities, legal fees, and so on. Even deeper, patent, copyright, and trademark infringement often end up becoming huge headaches for unsuspecting new business owners.
Every new business begins with an idea or a vision. Whether yours involves producing a product for sale, an ingredient or piece of a supply chain or a service, ideas must be given life through financing, planning and structure.
The Law Firm of Thomas & Thomas is set to assist you in strategically planning your business and creating a structure that best fits your personal needs and business model. Be among the 45% of new businesses that survive the first five years after launch by intentional tactics that provide sustainability in a very competitive economy.
Why do 55% of new businesses fail within these critical months of inception?
Funding and cashflow problems are cited as the most common cause of 82% of new business failures. Up to 77% of all new businesses rely on personal savings to provide life to a startup – a necessity but also a risk. What have you done as a new business owner to protect your personal savings and family’s liability? Does your business entity provide an element of security that separates the two?
Companies launched with one or more partner record a significant increase in the likelihood of startup success. Those whose business model reflects a partnership of some sort raise 30% more funding, are 19% less likely to expand prematurely which adds excessive overhead and demonstrate a three-fold rate of growth, according to Smallbiztrends.com.
Contact The Law Firm of Thomas & Thomas to guide you to the right legal structure to protect your individual investment and assets as a sole proprietorship or to form as a partnership, a Limited Liability Corporation or a more appropriate entity that sets in motion a structure that protects each stakeholder while freeing you to prioritize your business operations and growth.
The laws surrounding Tennessee businesses are complex and not easily navigated. Contact one of our expert business lawyers today to help you navigate these laws to ensure your business is off to its best start. Your law firm, Thomas & Thomas is available at info@TWTLawFirm.com or by phone at (423) 910-9100.
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