Gibbons Law Firm: 3 Must-Know Tips for Starting a Small Business

As we near the end of another year, you may be setting some goals for 2019. If starting a small business at the Lake of the Ozarks is on your list of things to accomplish, this blog is for you. Starting a business is an exciting, yet stressful time. The legal requirements for a new startup may seem daunting to many. As your Lake of the Ozarks lawyer, we can help ease some of the stresses you may face when it comes to starting your business in the new year.

1. Decide on Business Structure

The legal structure for your new business has a big impact on you and your venture. Deciding which type of structure is best for your unique situation is key to starting a successful business. A sole proprietorship, corporation, or LLC, there are benefits of each type for the individual and/or business. A legal professional can help point out the benefits and drawbacks to each business structure and what would be best for your situation.

2. Think About Staffing

Who will work for your small business? Whether you plan to work alone or hire employees, it's important to have the right documentation and protection in place. If you do hire a staff, ensure you properly document the hiring process and employee paperwork required by the state. Having this proper documentation on hand can help protect you and your business down the road if there is an issue. Also, if you end up having to let someone go, ensure you properly document the reasoning and your conversation with the employee. This can help protect your business, as well.

3. Double Check Contracts

Whether it's a contract you've drafted or paperwork you are signing on behalf of your business, ensure the paperwork is read over and worded correctly. Your business lawyer can help ensure you know what you are agreeing to in the said contract. Consider having your lawyer look over any paperwork you sign or have them draft up a contract for your business. This can help cover your bases as you enter into agreements with others.

Now that you know some of the legal requirements of a new business, you have a good idea of the decisions and legal documentation you need to have in place. If you'd like assistance or advice on how to move forward with your new venture, contact our Lake of the Ozarks business attorney. Gibbons Law Firm would be happy to assist you through the process as you get your new business up and rolling.

Remember, your initial consultation with Gibbons Law Firm is always free.