Business Law

Starting a Business in Grand Forks, ND and Why you will Need a Business Lawyer

Grand Forks, ND is the business hub of the world. Grand Forks, ND has in place some of the most comprehensive laws on business covering finance to hiring employees, from insurance policies to filing taxes. They also cover themes like health and safety regulations. The laws formulated in Grand Forks, ND are expansive, covering business and commerce, regulating both businesses and consumers. A good Grand Forks, ND Business lawyer will help you to figure out all of this and more.

Here are some of the areas where Business law plays a huge rule:

  1. Grand Forks, ND Anti-Trust laws:These laws are created to foster an environment of competition. This is done by limiting one singular company’s hold over the entire market. This prevents the companies from artificially inflating the prices and making consumers pay large sums due to the lack of an alternative. These laws were made after large companies established themselves as monopolies in the market and stifled economic growth. While private citizens and small corporations are not allowed to enforce anti-trust laws, Grand Forks, ND allows them to be able to bring their lawsuits if they have been harmed due to monopolization of the market. They must also inform the attorney general before bringing such a lawsuit. If you’re a small business suffering at the hands of big corporate, a business lawyer in Grand Forks, ND with anti-trust experience will be able to help you out.
  2. Grand Forks, ND Business Corporation law:  a Business Corporation is just one of the different types of business recognized by the State of Grand Forks, ND. A corporation is legally separate from being an enterprise and therefore enjoys different kinds of benefits. These benefits range from reducing liability, having perpetual duration until dissolution, and also having certain ease when it comes to transferring interests to another party. Corporations have the rights that people have, as well as the rights enjoyed specifically by corporations. And to be able to make this choice, a good Grand Forks, ND Business lawyer will be able to assist you in incorporating a business of your choosing to be able to secure a range of benefits.

Why will you need a lawyer to start your business?

Starting from the very first step of choosing a corporation name, a Grand Forks, ND business lawyer will prove to be useful. The name you choose must be available and this can be verified by conducting an “availability inquiry”. If you do not choose the right name, you will have to file a Certificate of Assumed Name with the Grand Forks, ND State Department. It is best to consult a Grand Forks, ND Business lawyer for the same.

The second step will be to file a certificate of incorporation with the State of Grand Forks, ND. This is stipulated under Section 402. Your corporation will come into existence only after this step is undertaken. Having a Grand Forks, ND Business Lawyer by your side will ensure that all requirements are complied with under Section 402 and you do not face any hassles.

The third step is to apply for a taxpayer identification number through the Internal revenue service. This is important to file your taxes, hire employees or execute contracts for your business.

A corporation needs to have regular meetings with other incorporators or executive board members. These meetings require having by-laws, electing corporate directors, and discussing other business matters. All these business meetings need to occur within the initial by-laws. It is best to have these by-laws vetted by a Grand Forks, ND business lawyer and to run over the compliances required to avoid foreseeable disputes in the future.

All these meetings that are held, require an official record to be maintained in the company books. If your corporation conducts shareholder’s meetings, then the minutes of such meetings need to be maintained. They must contain a record of the shareholders’ names, addresses, and dates of becoming shareholders. These compliances will be made clear once a business lawyer is hired to go through the day-to-day requirements of running a corporation.

The last step in starting a business is to pay business tax each year, starting from when the corporation was formed. Since your corporation is now a legal entity, it has many liabilities, including that of paying taxes. This liability will exist until your company is legally dissolved.

These are just some of the basic know-how of starting a corporation. For all your business legal needs in Grand Forks, ND, Ward K Johnson provides a licensed team of business lawyers in Grand Forks, ND to represent your needs at the State, federal, and Judicial Courts.