This page provides answers to common questions about business law and about our legal practice. Please note, these answers have been prepared for informational purposes only and should not be considered a substitute for professional legal advice. If you have legal issues related to business law, contact Hoeg Law for a free and confidential consultation.
How do I start my own business?
After you’re done writing your business plan, choosing a name, and choosing your location, you’ll have to work out the technical and legal details for your company. For instance, you’ll need to have a plan for funding your business and choose an ideal legal structure (i.e. LLC, corporation, etc). You’ll also need to file the necessary paperwork within the state where you wish to primarily conduct your business. At Hoeg Law, we routinely offer guidance to entrepreneurs and business owners regarding the funding, structuring, licensing, and growth of their business.
What is an LLC?
LLC is short for Limited Liability Company which is a type of legal entity for a business. An LLC offers the owner of this entity certain legal protections against lawsuits such as the separation of business assets from personal assets. In other words, when your company is legally recognized as its own entity, your personal finances are at less of a risk in the event of a legal dispute. LLC’s also offer certain tax benefits as opposed to not forming a legal entity.
What is a corporation?
When people hear the term “corporation,” they think of a giant enterprise business in a skyscraper. While these certainly are corporations, small businesses can be corporations as well. Simply put, corporations are a company or group of individuals authorized to act as a single entity.
Which business entity should I choose?
This will depend on many factors as there are benefits and drawbacks to each legal entity. We’ll list some basic descriptions for each main type of legal entity.
Sole Proprietorship – These can be ideal for very small low risk businesses with no plans of growth.
Partnership – There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP). These are ideal for professional groups such as attorneys.
Limited Liability Company (LLC) – An LLC offers the owner of this entity certain legal protections against lawsuits such as the separation of business assets from personal assets. LLC’s are ideal for small businesses that carry some risk of potential lawsuits.
Corporation – Corporations are ideal for medium to high risk businesses, businesses that need to raise money through venture capital or seed funding, or businesses that wish to eventually go public. There are many types of corporations such as an S-Corp, C-Corp, etc. Each of these sub-classifications of corporations have their own tax purposes. It’s ideal to discuss these matters with an attorney or CPA.
As a small business, do I need an attorney?
Generally speaking, yes. Unless you have absolutely no plans on hiring employee’s or expanding, a business lawyer can take a great deal of burden off your chest so you can focus on what you love doing. A business law attorney can provide your company legal protection through written contracts, save you a significant amount of time in preparing necessary paperwork, and save you money through tax planning strategies, and proactive defense against potential lawsuits.
Do you offer free consultations?
Yes, Hoeg Law always offers a free initial consultation. Simply, contact our office and we’d be happy to arrange a date and time to discuss your issue.
What is your pricing structure?
The initial consultation is free; however, the exact fees will depend on your case.
Do you work with clients remotely?
Yes, Hoeg Law can work with clients virtually anywhere in the world so long as the legal issue pertains to the State of Michigan.
Do you take business litigation cases?
No, Hoeg Law does not practice in business litigation specifically. That is, we do not handle legal disputes involving businesses or contracts. Our law firm specializes in the legal aspects involving starting, managing, operating, or growing a business. If you call with a legal issue for litigation, we’ll likely refer you to a colleague.
Where are you located?
The physical office for Hoeg Law is located in downtown Northville at the crossroads of North Center St. and Dunlap St. Our office is on the second floor of the two story brick office building located directly on the crossroads. Our address and driving directions can be found below.
The Hoeg Law Firm, PLLC
200 N. Center St.
Northville, Michigan 48167