What Are You Doing To Keep Your Business Legally Safe?

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.

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

(573) 348-2211

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Starting a Business for Independent Retailer Month

It all starts with an idea and before you know it, you will find yourself following the American dream with a business of your own. July is Independent Retailer Month, and while you may not initially think about sitting down with a lawyer before you get started, starting up a conversation with your local Lake of the Ozarks lawyer can be just what you need to get your business started on the right foot. Here are a few things you’ll want to keep in mind as you start a new business, and how Gibbons Law Firm can help you with the process.

Start Thinking About the Legal Aspects from the Start

It’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 Check

One 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 Early

When 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 Account

There 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 Writing

Finally, 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.

Your Lake of the Ozarks Area Law Firm

We would like to represent you, whether you are a brand new business just starting up - or a business that has been well-established and needs new representation. We have a very wide and diverse group of clients, from individuals, employees, builders, contractors, homeowners, lenders, and definitely small business owners. Because July is Independent Retailer Month, if you have been dreaming about a new business and are ready to get it up off the ground, we would love to chat with you. The earlier you get legal representation involved, the easier it can be when you find yourself needing it.

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

(573) 348-2211

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Tips for a Business Owner's Estate Plan

You've worked hard day in and day out for your business. You've poured your heart and soul into it, as well. It's important that someone you trust is left in charge of your venture when you pass away. A plan should be established as to who will take over the business you've worked hard for. Our Lake of the Ozarks attorney can help create an estate plan for your business. Our team can help ensure your legal bases are covered when it comes to your business after you pass. Below you can find some tips to help when creating an estate plan for your business.

Estate Plan Tips for Business Owners:

TIP #1: Create a will.

A will is helpful no matter what type of business you own. This type of documentation can help you dictate exactly what you want to take place after your death. Usually, businesses with no will in place will be passed to close family members. Save your employees and family members the effort and name your successor in a will.

TIP #2: Consider a succession plan.

A succession plan can help your successor navigate their new role. A solid plan contains the name of the successor, a training plan, and how your successor will be taking control of the business. This plan is a good roadmap for whoever you choose to take over your venture. Whether you pass away, retire, or are unable to work for another reason, a succession plan can help your successor navigate their new role.

TIP #3: Think about future taxes.

Estate taxes can be a hefty burden should the original owner pass. Once a business owner passes, the tax may be due soon thereafter. As a business owner, there are ways to minimize the tax burden on your successor.

TIP #4: Purchase life insurance.

A life insurance plan can help to cover the financial burden of a loved one passing. A business owner should consider buying a life insurance policy to benefit their business, as well. A partner or your successor may even be named the beneficiary of your policy, to make the transition smooth.

TIP #5: Organize your records.

It's important that your records are easy to find. In the event of your passing, these documents should be well organized and in a convenient location. Someone will need to locate these documents in order for your wishes to be carried out. Consider keeping insurance information, your estate plan, financial information, and other information for your successor together in one place.

Potential Risks for a Business with no Estate Plan:

• Higher taxes
• Dispute between heirs
• Division of assets based on legal requirements

While it is typically unpleasant to plan and even think about the plan you will need to have in place, it's an important step in owning a business. There can be negative consequences if you do not have a plan in place. Get ahead of the situation and plan on your succession for the sake of your business and/or your family. If you don't have a plan in place, give Gibbons Law Firm a call today. Your initial consultation with our business lawyer at the Lake of the Ozarks is free!

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

(573) 348-2211

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