We can help you receive the resources you need to establish your own construction firm, from incorporations to contracts.
If you’ve worked your way up in the construction sector and understand the business side of the trade, you may be considering establishing your own construction company. Running your own company, as appealing as it sounds, requires more than simply an entrepreneurial itch. Here are a few things to think about before you start.
Table of Contents
Create Your Foundation
The construction industry is so complicated that an entire branch of law has emerged called as Construction Law. Although it varies by state, you should be conversant with your state’s Building Law. Establishing your own construction company may be hard, and you’ll almost certainly require a Construction Law attorney on staff or on retainer. Please utilize our Ask a Lawyer feature to seek some advice on this.
Choosing the correct legal structure is another crucial component of launching your own construction firm. There are several business structures, and you must determine whether to utilize a sole proprietorship, a corporation, a limited liability company, or a partnership.
The sole proprietorship is the most basic business structure. This form offers no liability protection, making it an unlikely option for a construction company.
By incorporating as a Corporation, you are establishing a different company entity from yourself, with its own name and tax ID number. One or more individuals may create a Corporation, and you will be a shareholder in the company. This is perfect if you have additional investors interested in partnering with you.
A Limited Liability Company (LLC) is a cross between a partnership and a corporation that provides more liability protection than regular limited or general partnerships. Since each state has somewhat different regulations for LLCs, it is important to speak with an experienced expert.
When you start your construction firm, you should learn about the building codes in your region and check with your state, county, and city to determine whether a contractor’s license is required.
Put it in Writing
When you’ve completed the processes outlined above, you’ll have a legally solid basis from which to launch your firm. You may now begin constructing your firm by preparing the necessary papers to cover all aspects of the operation. Several professionally created legal papers will be required, but at the heart of it all will be contracts that are legally correct for your state. You may establish momentum for your company by utilizing our online service to produce these critical agreements, whether you require a Service Contract or a Construction Contract.
You’ll be ready to start your own construction company and be your own boss before you realize it. After all, who else, if not you, will construct your future?