Savvy Wichita Attorneys Assist with Business Formation
Experienced corporate lawyers provide sound advice on essential steps
If you are thinking about starting a business in the Wichita area or relocating an existing business here, Peggs Wheeler, LC can provide the reliable guidance you need to lay a firm foundation for success. Our attorneys have decades of experience serving business clients in the heart of Wichita. Each client gets personal attention from a partner at our firm and advice directed toward your specific circumstances and business goals. Because we don’t succeed unless our clients do, you get our full commitment to rendering detailed assistance that delivers positive results.
Troubleshooting your business plan
While the law does not require you to have a business plan, we recommend that you develop a detailed plan before you invest time and money in formation. A cogent business plan offers many advantages, allowing you to:
- Avoid unnecessary startup costs.
- Crystalize your business goals.
- Expose areas of vulnerability.
- Identify your target audience.
- Make it easier to attract investors, partners, and talent.
Our attorneys thoroughly troubleshoot your business plan so you can remove obstacles to your success.
Understanding the startup process in Kansas
Depending on the scope of your business, the formation process can be relatively simple or enormously complex. But either way, a mistake made during formation can have a ripple effect that drains your resources and undermines your chances of success. At Peggs Wheeler, we’re committed to protecting you from rookie mistakes that cause huge setbacks, so we provide personal guidance every step of the way, on matters that include:
- Choice of entity
- Ownership agreements
- Capitalization and lines of credit
- Land use and permitting
- Regulatory compliance
- Taxation planning
- Trademark registration
- Trade secret protections
- Employee handbooks and contracts
We’re determined to provide comprehensive assistance, so we remain accessible to you throughout the formation process. We continue to be available as you begin operations, to assist with all your legal needs including business litigation services.
Your choices for business entities in Kansas
State law governs the formation of businesses. In Kansas, you can choose from a number of different structures, including:
- Sole proprietorship — Kansas has no state requirements to file for this type of business. A sole proprietorship is a business controlled and owned by one person and limited to the life of that person. It provides no protection from personal liability for debts or judgments against the business.
- Corporation — This business entity creates a fictitious person, made up of shareholders, directors and officers who are insulated in most cases from claims against the company. You must register with the Secretary of State and comply with state and federal law.
- Limited liability company — The most popular form of business, an LLC is an easy-to-file entity that combines the liability protections of a corporation with the flexible management options of a partnership.
- Not-for-profit corporation — This type of entity is appropriate for charitable enterprises. It differs from a regular corporation in three important ways: Significant revenue comes from sources that do not expect repayment or economic benefits, there is no defined ownership for purpose of sale or sharing of assets, and the purpose of the entity is not to produce a profit.
- General partnership — Filing for this entity is optional. Partners share equally in the business, and each is liable separately for all debts and obligations the business incurs.
- Limited partnership — In this type of business, general partners run the show, and limited partners have no management rights. Limited partners do enjoy some protection from liability for the entity’s debts and obligations, because they are only liable to the extent of their investment.
- Limited liability partnership — This type of entity protects partners from personal liability for damages caused by the wrongful acts of other partners.
Each type of business entity has distinct advantages and disadvantages. Our attorneys help you weigh the pros and cons and decide on the entity that best suits your needs and goals.