1) Choose the right kind of business from the start.Deciding which type of business is right for your unique situation is important. Whether it's a sole proprietorship, corporation, partnership, or LLC, you can decide on a level of protection with your business type. A legal professional will be able to advise you on which business type is the best option for your venture.
2) Document, document, document, and document some more.You can't over-document when it comes to your business. The more you have in writing, the better. If an external person would need to go through your paperwork for any legal reason, it's best to have more than needed. Documenting any and all business activity can help protect your business!
3) Prepare for the end, at the beginning.As you start a business, you likely aren't thinking about the end of your business. You should be. Whether you are a sole proprietor or have partners in your business, make an exit plan from the start. This can help you make decisions ahead of time and prepare for the exit of yourself or your partner. A plan can be especially helpful if there is a sudden need to end the business or partnership.
5) Keep business and personal funds separate.As a business, there are a number of occasions in which your books may be audited. It's best to keep your business and personal accounts separate from one another. You may open your personal accounts up to being considered part of your business funding if the accounts have been co-mingled at some point.
Now that you have some tips on how to better protect your Lake of the Ozarks business, you're ready to start implementing these steps right away. If you're interested in learning exactly how our Lake of the Ozarks law firm can help safeguard your business, contact Gibbons Law Firm today! And remember, the first consultation with us is always free.
Remember, your initial consultation with Gibbons Law Firm is always free.
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Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049