When considering the expansion of a law firm, it is imperative to consider a number of different factors that can influence the success in new states. Primarily, the firm needs to determine the exact state/states that shall be targeted along with an analysis of the weaknesses and threats that exist for the company and the strengths and opportunities that the company can utilize to make the most of them.
The extension of the firm has to be one that its clients can rely upon to provide them with the same credibility that they are accustomed to at the original establishment. In order to do so without any hindrances, it is highly essential to ensure that the firm does not come into conflict with the laws of the state in which it is planning to expand. This paper shall attempt to highlight some of the most essential factors that a law firm should consider when expanding within the US.
With regard to expansion in multiple states in the US, the firm needs to pay special attention to income allocation methods, determining presence and nexus, sales tax on professional services and personal property tax amongst others (Quinn, 2007). Each state has specific laws regarding these areas of business operations with respect to law firms. Laws that influence these elements are designed to address the process of contracting parties to support the expansion and to allow the law firm to adapt to the legal and taxing infrastructure.
Also, it is just as essential to consider laws that have implications on the engagement of external parties in the state where the firm is considering expansion. Taxing laws and prerequisites defined in state laws are to be given special concern in this regard since they may serve to dictate the very policy that the firm chooses to adopt in its expansion.
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