What Factors Should Be Considered When Forming a Business?
If you have decided to start your own business, you’ve probably already determined that entrepreneurship requires a lot of time and effort. And you’ve probably also heard the time-tested axiom: “the number one reason for new businesses to fail is undercapitalization.” Assuming you have processed through considerations, you’ll need to plan through a few issues.
The factors to consider when forming a business are items such as market research and analysis relating to your proposed venture, creating a viable business plan, choosing your type and structure of business entity, creating a market plan, and creating and securing a viable financial plan for the venture. RKF has extensive experience in guiding clients and startups through this entire process, and works closely with the client in assessing and discussing each factor along the way.
What Does the Initial Conversation Cover When a Client Speaks with You About Their Business?
Generally, first meetings are very productive and informative for both parties. We at RKF learn a great deal about the client and his or her goals, and the client learns the important steps in assessing, evaluating and setting up their new venture. Most importantly, we will discuss the risks and the steps to avoid in the process, as well as identify opportunities and best practices to achieve their goals. Additionally, we will discuss setting realistic goals and the next steps as to financial viability, the cost required, and also the suggested legalities and potential opportunities.
How Common Are Business Disputes?
Unfortunately, disputes in businesses and business relationships are very common. They generally arise due to miscommunication between the parties as to their intentions or expectations, as well as changing situations during the term of an agreement or business relationship. One can’t prevent a dispute from arising. There are steps you can take before, during and after a potential dispute arises to alleviate the associated hardships. One of the more important preventative actions you can take is to carefully negotiate, draft and enter into a binding legal agreement at the outset of the business relationship. There should be a contract between two parties that is clearly understood and agreed upon by both.
This sounds simple, but in many cases, it is not achieved. Consideration must also be given to the expected performance of each party. The applicable rules and terms govern future actions and potential changes in the course of business. Once a dispute has arisen, we help the client quickly assess the strength and the weaknesses of their position, as well as identify options and recommended steps towards resolving the dispute. We generally assist clients in resolving disputes through mediation (both informal and formal), arbitration and litigation.
What Are the Most Common Business Matters That Your Firm Typically Handles?
One of the most common matters that we handle is establishing and structuring a business enterprise, through entities such as:
Limited Liability Company (LLC)
We commonly draft corporate constitutional and governing documents, including:
Articles of Incorporation, Certificate of Formation
Board and Shareholder Resolutions
Letters of Direction
We commonly draft business agreements and documents, which could relate to:
sale and/or transfers of goods
independent contractor services
specific business transactions
construction and/or material supply
Additionally, we handle real estate contracts, which would include:
Land Use and Easement Agreements
Commercial and Industrial Leases
Permit and Zoning Applications
Business Disputes and Settlement Agreements
Real Estate Dispute and Litigation Agreements.
Entrepreneurial and Start-Up Services. RKF Global provides legal advice and strategy to entrepreneurs, start-up entities and owners of small businesses seeking to launch a product, service or technology, or expand its reach. As with most entrepreneurial endeavors, a balance between risk management and aggressive business planning and implementation must be achieved. RKF works closely with the principal entrepreneurs, business owners, lenders and financial investors to co-exist and agree upon a strategic set of principles to govern the sometimes whirl-wind activities.
RKF Entrepreneurial services typically include guidance as to structuring of the business and/or entities, drafting and implementing corporate or entity constitutional and governing documents (including operating agreements, shareholder agreements, by-laws and resolutions), financing and investment documentation, regulatory compliance and intellectual property considerations. Perhaps more importantly, RKF assists with the formation and review of the business plan, market research and strategic goals.
What Is Your Background in Business Law? How Does It Help You to Handle Business Law Cases?
We have been practicing law for decades. During that time, we have specialized in business law and development. The firm maintains extensive experience in everyday business law issues, and well understands the challenges and nuances of running a business. We have represented firms of all sizes and have launched many successful startups throughout the U.S. and abroad.
What Areas of Business Law Do You Specifically Help Your Clients With?
As far as business law, RKF regularly consults with clients in business structuring, formation, drafting and negotiating agreements, depositions, sales transactions and providing assistance on general corporate legal matters. Through our attorneys, we also have exceptional experience in corporate limited liability company and partnership matters. Our practice includes real estate development and finance matters, regulatory compliance, shareholder transactions, and agreements and collection matters. We initially advise clients on business planning issues, business strategies and the related decision-making processes. RKF also has extensive commercial litigation dispute resolution and administrative law experience.
We represent clients in a wide variety of litigation matters, including complex contractual disputes, eminent domain matters, insurance issues, mediation, and local and international arbitration proceedings. Another area that we assist clients in is construction and development. RKF represents local, regional and international real estate developer, contractors, property owners, material suppliers, tenants and investors in a wide range of construction and real estate law matters. Examples would include acquisition and development, construction project changes, dispositions, structuring of transactions, construction financing, leasing, zoning and land use, due diligence, title arrears and management and operational issues.
We have extensive experience in real estate transactions, commercial and residential purchase transactions, loan financing, and litigation with industrial commercial leases, and retail and residential leases. We generally negotiate a draft agreement relating to all of these activities. In addition, we provide a full range of services for builders and developers, which include financing of acquisitions, and subdivisions regarding the project through land use and zoning boards. We also have a full service real estate litigation practice. We have advised and represented clients in numerous types of construction projects, development, and the resolution of construction related disputes. These include large and complex cases, as well as landlord-tenant real estate taxation and collection matters.
Do You Work With Both Small And Large Businesses?
Yes. RKF was founded to provide legal and consulting services to all sizes of businesses, as well as to individuals. As we are based in Chicago and the Los Angeles Metropolitan Area, we maintain a commitment to help businesses launch and thrive. We also support the investment and job creating endeavors of our clients. This applies to small, startup, mid-sized and large companies.
For more information on Factors To Consider When Forming A Business, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (312) 888-2000 today.