Business Law in Los Angeles

When starting a business, it is essential to consider the most appropriate entity type to use. Sole proprietorships, corporations, LLCs and partnerships (both general and limited), being among the most common entity types, each involve a variety of legal differences with inherent advantages and disadvantages. Sometimes, a new entity is not necessary and proceeding through a joint venture arrangement may make more sense.

The underlying structure and terms of the legal entity you select need to address the nature and objectives of the business, the expectations of, and relationship between, its participants, tax considerations, how to deal, if necessary, with changes in the status or expectations of its participants as they arise and/or the termination of the business. Cookie-cutter templates and precedents most often fail to address important issues, considerations and potential future circumstances. No one agreement fits all. Partnership agreements, LLC operating agreements and shareholder agreements should be customized to your needs. Moreover, there are a variety of administrative steps required to properly form and maintain a business entity. It’s a worthwhile investment to meet and thoroughly plan your business formation with Chelin Law Firm and start off on the right foot.

From the get-go, a significant amount of business affairs and relationships both large and small will be formalized in written agreements. Chelin Law Firm is ready to assist you in the preparation, review and negotiation of a wide variety of commercial agreements and contracts beyond those involved in forming your entity, such as: profit participation agreements, purchase and sales agreements, employee agreements, independent contractor agreements, confidentiality and non-disclosure agreements and promissory notes and other loan documents.