By the time someone is ready to start their own business, they have usually gone through a pretty long and intense thought process about the products or services they will offer, how to make it profitable, how to market and brand the business, etc. While organizing all of those important elements, it is also a very good idea to have a business law attorney in central Missouri to help you with the legal aspects. There are a number of important legal decisions to be made when you’re setting up your business, and legal liabilities that you want to avoid when you run your business. Having a trusted attorney with a background in business law at Lake of the Ozarks can make life much easier and keep you more protected when you start your business. At Gibbons Law Firm we are as skilled and passionate about the legal aspect of your business as you are about the business itself. So keep reading if you would like to learn 5 things to consider when starting your own business to keep yourself legally protected.
1) Business structure
Understanding the difference between a sole proprietorship, an LLC, and an S corporation is important when deciding how to structure your business. An attorney with a background in business law can look at your particular situation and help you decide how to structure your business based on the level of protection that comes with that business type.
2) Organizing money
It is advisable that you keep your personal finances and your business finances separate, even if you are a sole proprietorship. If ever your business is audited, you could open up having all of your personal accounts reviewed as well as your business, if your accounts are not kept completely separate.
3) Outside accountant
Even if you are comfortable and experienced in doing your own bookkeeping, it is advisable to have an outside accountant at least review your books. Just as you are an expert in your field, accountants stay up-to-date on any changes in laws and regulations and have a much deeper bank of knowledge when it comes to how to protect your business and keep proper records.
4) Update contracts
You may have contracts between you and your clients, between you and vendors, and even between you and partners. Having those contracts drawn up or at least reviewed by a skilled attorney at Lake of the Ozarks can help ensure that the contracts are done properly and are legally binding. But it’s not enough just to have legal advice when they are drawn up initially. Contracts need to be reviewed periodically to make sure they stay up-to-date and don’t allow any loopholes or vulnerabilities that could hurt you and your business.
5) Documentation
When in doubt, write it down. The better you document and keep records the better it will be in the event that you have a dispute or lawsuit. Keeping excellent records when it comes to hiring and firing is a good example. It is also important to keep good records when it comes to contracts with your customers, outsourcing marketing, pretty much any agreement. With good documentation, it’s easier to prove your side in a conflict with the paperwork that you have.
Gibbons Law Firm is here to help with all of your business legal needs!
Our attorneys in Lake Ozark have the background and experience as well as the passion to look out for you and your business venture. At Gibbons Law Firm, we appreciate entrepreneurs and all they bring to our society, and we like to be able to look out for them so they can continue to look out for us. If you are thinking about starting your own business, we would love to talk with you and help you through the process. Your first consultation is free, so give us a call today! If you would like to hear more news and legal tips from Gibbons Law Firm, we invite you to follow us on social media using the links below.
