Small Business Attorneys in Germantown

Providing a Wide Range of Services to Small Businesses in West Tennessee

At Snider & Horner, PLLC, we recognize the importance of small businesses to our economy and local communities, and we pride ourselves on offering small business owners in Tennessee reliable, high-quality legal representation. From drafting contracts and agreements to helping with business disputes or real estate law matters, our attorneys are capable of handling a wide variety of legal matters for small businesses.

Whether you need representation for yourself or your business, our small business attorneys can help you protect your rights and interests inside and outside of the courtroom. Since 1996, our firm has been dedicated to taking an aggressive, team-based approach to helping our clients address their legal needs, and we are known for being attentive, professional, and compassionate advocates.

Learn more about our services by calling (901) 730-8880 or reaching out online to schedule a case consultation.

What Is Considered a Small Business?

Generally, a small business is considered an independent or privately owned business that has a small number of employees, and most U.S. small businesses have less than five employees. However, different government agencies (i.e. The Small Business Association (SBA), Affordable Care Act (ACA), and Internal Revenue Service (IRS)) each define what a small business is different. While you may not be worried about formal definitions, these definitions are important as they determine what loans, government contracts, and grants for which your company is eligible as well as

The SBA considers a business small if its number of employees or annual receipts does not exceed a certain limit; these numbers change based on the industry. However, on average, the range is having between or below 50 and 1,500 employees and between or below $1 and $41.5 million in annual receipts. (You can review the SBA size standards here as they are reviewed every 5 years.) Small businesses that meet SBA standards are eligible to apply for government loans (like PPP loans) that are set aside for small companies.

To be categorized as a small business by the SBA, your business must also:

• Be a for-profit company (of any business structure like LLC or sole proprietorship)
• Not have a parent company (i.e. be independently owned and operated)
• Not own the majority of the market share in your field
• Be located and operated physically in the United States or its territories

The ACA defines small businesses as companies with no more than 50 employees. Full-time and full-time equivalent employees should be included in the final totals, and full-time employees are considered those who work 30 hours per week (on average).

Whether your business is considered a small business according to ACA qualifications determines:

• If you have to offer healthcare coverage to your staff
• Whether you qualify for certain ACA tax credits
• If your business is eligible for SHOP Marketplace health insurance

The IRS determines whether a business is a small business based on individual tax laws. Generally, the IRS considers businesses with less than $10 million in assets to be small businesses. Your company may also be categorized as a small business (by the IRS) if it files any of the following tax documents.

• Form 1040 or 1040-SR
• Schedule C, E, or F
• Form 2106

Do I Need an Attorney to Start a Small Business in Tennessee?

While you do not need an Attorney to craft a business plan, choose your business name, apply for business licenses and permits, or other brand and business decisions, a skilled attorney can help you with other tasks related to starting your business. Specifically, they can help you:

• Determine which business structure is best for you and your business. To create and submit your corporation paperwork, you can use an online platform; however, you need to know what type of business (or business structure) you want. The most common types of businesses are limited liability corporations (LLCs), sole proprietorships, partnerships (limited partnerships or limited liability partnerships), and corporations (C-Corp, S-Corp, nonprofit corporation, etc.). What business is best for you is dependent on a variety of factors, including tax advantages, liabilities, and ownership. An attorney can advise on which structure would afford you the best tax advantages and can help you with the initial business setup.
• Protect your intellectual property. To protect your products, inventions, brand name, logo, etc., you need patent protection or trademarks. An attorney can help you with filing the applications and the other legalities concerning intellectual property.
• Develop partnership agreements. If your company is starting with partners, a small business attorney can draft an agreement that outlines each party’s rights and responsibilities.
• Draft other contracts or agreements. Whether you need help drafting non-compete agreements, employment contracts, sales contracts, equipment leases, or any other contracts or agreements, a business attorney can help you review these documents and ensure your interests are protected.
• Handle lawsuits. You and/or your business can be sued by an employee or customer. An attorney can help reduce the threat or risk of a lawsuit, and if you are sued, they can also handle the negotiations or litigation.
• Ensure your business adheres to federal and state legislation. A business attorney will understand the current state and federal laws and can work to stay abreast of updates or changes. Thus, they can advise you concerning what laws you need to be aware of and changes you may need to make to remain compliant with current legislation.

To schedule a case consultation and learn more about how we can help you, contact our firm online or telephone us at (901) 730-8880. Our West Tennessee small business attorneys are here to help you.