Q: What business structure is right for us? What state should we form in? Is our initial approach sound?
*Regarding Corporate Law*
Our business plans to bid on and fill small-to-medium sized U.S. government defense contracts primarily regarding ammunition, firearms, and related military accessories. We currently have 2 employees (founders), and are located in New Jersey. As of yet, we have no office, and have not started any official business dealings. Our initial approach is as follows: creation of a legal business entity, acquisition of EIN and DUNS numbers, registration on SAM.gov, and filing of a Federal Firearms Licence (FFL) application.
A: A good business lawyer would need to know much more information to give you the correct answer. I suggest you setup a consultation with one (lawyers charge for time and advise) and expect to pay a at least a few hundred dollars. But that small fee could save you thousands later on. Just for your interest many people set up corporations and LLC's themselves later to find out they did it wrong or should have done something differently in an operating agreement. Don't be penny wise and dollar foolish as they were to learn about the mistake a few years or months later, but its too late as they are now in deep financial or partnership trouble, so again, speak to a lawyer.
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