Firm helping local small businesses

Park Street Legal announced that it now offers flat-fee legal services for local entrepreneurs and startup companies. The pre-fixe menu addresses the most common legal documents and advisory services that new businesses need to get up and running.

Managing Director Don Katz said that the demand for asset protection and tax planning remains essential for startup companies seeking to preserve seed capital by avoiding the high-priced and big-named law firms. However, these startup companies have sophisticated legal and tax planning requirements that are generally too complex for low-end service provider.

"The market research confirmed our suspicions that these on-line peddlers are rarely delivering the necessary legal and tax advice at the startup phase." says Katz. "If tax issues are not considered initially, the consequences can be devastating at a future liquidity or funding event, and for about the same price, these local startups can get the advice they need, but may not know they need until it's too late."

Over the last 10 years, on-line service providers have made forming an entity accessible and inexpensive. However, non-lawyer service providers are not properly licensed to properly advise companies on Michigan law and federal tax implications involved in the startup phase, and poor advice and planning can cost entrepreneurs and their companies dearly at tax time or a liquidity event.

Park Street Legal specializes in repairing or mitigating the damages from structural flaws and deficiencies that can result from the use of an unqualified service provider. Problems usually arise when a founder, or key employee, is capitalizing the company with services or intellectual property in exchange for an equity interest, which has significant tax implications to all involved. Beyond the tax cost of failing to plan, there are numerous tax advantages that can be missed if not accounted for at the beginning. Park Street Legal routinely gives second opinions, usually at no charge to the client.

"We can either match or beat those no-frills providers on cost, however, because we are lawyers, we actually have to provide the planning and asset protection that entrepreneurs need," Katz added.

"In the end, we get satisfied clients who are well structure for the road ahead."

Based in Birmingham, the Park Street Legal's attorneys serve clients throughout Southeast Michigan. Park Street Legal is powered by the Katz Law Firm.

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Published: Wed, May 06, 2015