Start Thinking About the Legal Aspects from the StartIt’s easy at the beginning to get carried away with the exciting aspects. From business cards to social media pages - these creative avenues are the “fun” parts, helping you appear to launch your business quickly. However, you really need to take time to contemplate the legal aspects from the start to help get your business on a firm foundation from the ground up. The most common legal issues that may arise for an entrepreneur would include a choice of entity, business licenses, supply and service contracts, and employee matters. You may not feel like you can look several months ahead to pinpoint what could happen, but your business will thank you.
Keep Your Emotions In CheckOne hard part about managing a business is that you can’t take lawsuits and threats against your business personally. If or when you find yourself in these positions, you have to make the right decision for your business. It’s important to have someone providing insight for when it’s better to pursue a legal battle versus avoiding it. This is why it’s so important to find a lawyer at the Lake of the Ozarks who you can trust, which leads us to our next point.
Make Your Legal Connections EarlyWhen you establish a relationship early on with a legal provider, you will have someone you can quickly reach out to when you need help with a legal challenge. Having a plan in place with a legal counselor will be a valuable asset which you and your business can be thankful for years down the road.
Do Not Use Your Personal Bank AccountThere are many, many business professionals who will say that you should not mix personal and business finances. Still, many business owners make the mistake of using their personal bank account for their business expenses. Just because it seems overwhelming to manage multiple bank accounts at once doesn’t mean that it won’t pay off in the long run. The fact is, using your personal account for business impacts your legal liability. If you are using one account for everything, make your goal this week to get a separate account and clean things up between the two.
Get it In WritingFinally, one very important legal lesson in business is to put almost everything down on paper. This can include negotiating salary to redesigning your office space - if it is a defining and memorializing aspect of your business, you’ll be glad it was in writing. These agreements should be well defined, signed by all parties. If you are starting a business with co-founders, you will want to get written confirmation between yourself and your partners. It feels kind to be trusting, but clear contracts simplify those work relationships, it’s the lack of a written plan that can take a good relationship and make it sour.
Remember, your initial consultation with Gibbons Law Firm is always free.
Your Trusted Legal Resource
Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049