If you finally own your own business, first of all, congratulations! Our business lawyers at the Lake of the Ozarks understand how hard that is to accomplish. Now that you've made that enormous leap, what are you doing to keep your business legally safe? That's where our Lake Ozark business attorneys come in. Keep reading this week's blog for a few tips to do just that. If you have any questions on this matter, please give us a call. Gibbons Law Firm can be reached at 573-348-2211
What Are You Doing To Keep Your Business Legally Safe?
ORGANIZE YOUR MONEY.
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.
GET SOMEONE OUTSIDE THE COMPANY TO REVIEW YOUR ACCOUNTING NEEDS.
Many small businesses have one internal employee help with accounting. While this is a great solution to have someone on staff, it's also best to have an external person or company review your books on a regular basis. Embezzlement is a common crime and can have a detrimental impact on a small business.
BE STRATEGIC WHEN CHOOSING YOUR BUSINESS TYPE.
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.
WRITE EVERYTHING DOWN.
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!
HAVE A STRONG ESTATE PLAN.
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.
Let's Get Your Business Started In The Right Direction Together!
We understand that your business means everything to you! So, with that in mind, why wouldn't you hire and EXPERIENCED business attorney in Mid-Missouri to make sure you are legally protected in every way possible? Call Gibbons Law Firm today. We can be reached at the phone number listed below. Your first consultation is free. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.