Chelmsford Lawyer: Business Formation and Professional Practices
If you are a professional who would like to strike out on your own or with a partner, it is important to give great consideration to the type of business entity you would like to form. There are a number of different options available, each with their own benefits and drawbacks. Having experienced legal counsel on your side to help guide you through this process can help position your professional practice for the best chance of success.
At the Law Office of Peter V. Lawlor, PC, our Chelmsford attorney has more than 30 years of experience handling business formation and other business law matters. From medical practices to dentistry offices and other professional practices, we can help you secure the proper financing and take steps to limit your liability so you can focus all of your attention on your business.
Providing Skilled Representation for All Professional Practices
We provide business formation services to professionals throughout Massachusetts and New Hampshire. We can help set up all types of professional practices, including:
- Medical practices
- Dentistry practices
- Accounting offices
- Law offices
- Architectural firms
It is absolutely critical for any new business or acquisition to secure the proper means of financing. Our lawyer has developed close relationships with banks and financial institutions over the decades, and we have extensive experience in the acquisition of capital on the behalf of fledgling businesses.
Limiting Your Personal Liability
If you choose to start a practice without establishing a type of business entity, you will be personally liable for all of the debts associated with your practice, including contracts entered into with various vendors as well as any real property and equipment leases. This approach can end a business before it’s even started and lead to personal financial ruin.
A better approach is to incorporate a professional practice. This means that shareholders of the corporation, including yourself, will not be held personally liable for the bulk of the corporation’s debts. There are a number of different entities available that one may incorporate under, such as a limited liability company (LLC) or a limited liability partnership (LLP). Each entity has its own benefits and tax implications. We can help review your business plans and explore the options that will help you best meet your goals.