Unemployment is the biggest problem nowadays, there is not much options for employment of young people who just finished their education and do not have experience needed in most of the companies.
That is why young entrepreneurs often tend to start with opening a small business and slowly progress.
Opening your own small business is not an easy thing, on the contrary it is in many ways similar to having your own child, all your time and your funding will be reserved for your company.
If you want to have even a little bit of time for yourself you won’t be able to take care about your company on your own. Legal regulations and business law is the thing that worries all entrepreneurs, that is why there are business lawyers who can take care about your company and direct it to the right direction, and your burden will be lightened.
Lawyers can help you not only with the interpretation of the law regulations but with taxes, finances, employment and firing contracts and all the other things you could think of other than the areas they are not specialized for.
When you decided you want to start a business, but you still do not know in which formation, on your own or with partners, you can hire your lawyer before starting business and ask him for advice and counseling. The lawyer can explain you all the conditions that need to be fulfilled for opening certain type of company, he can give you advice about the structure of business that will suit you the best.
When we are already speaking about business structure, every lawyer will inform you that you can choose among these business options:
1. Running your business on your own or sole entrepreneurship if you prefer, is not as easy as it seems. Surely it is the most suitable way to start your business, you do not need endless negotiations and complicated paperwork to start a business, however this option had its disadvantages – you and your firm or a company are considered to be the same, that is why you will be responsible for every little thing that happens in there. Free time for yourself is not an option in sole entrepreneurship since nothing can be done without the owner’s authorization.
2. Partnership – perfect for the young entrepreneurs who do not want to lead the whole company by themselves. Partnership includes several partners all of which are owners of the company and are responsible for everything that happens in there. Partners with limited ownership are responsible but not fully.
3. Corporation is the most expensive option, but there are some disadvantages of it too. First, if you don’t succeed if you area of business it is not worth it to start a company. The best thing about corporations is that owners have limited liability, which means they are completely separated from the business operations, all the owners have to do is authorize the responsible persons in the company.