It is always an exciting time when one begins to see their dream of opening a small business come to fruition.
Standing as an independent owner of a successful small business is a dream come true. While the sky is the limit, one must harness that freedom wisely to avoid the potential of serious future pitfalls.
As exciting as it is it does not come without risk, especially at the beginning. Therefore, building your business upon a rock foundation and not one on sand, will prevent it from developing large cracks that could cause it to crumble before your eyes.
One of the most common causes of failure is legal troubles.
In the excitement of creating the business plan owners will often forget to consider all the legal requirements they must fulfill to operate lawfully.
Many business owners get focused on the décor of the business creating the perfect ambiance for the clientele. While being super focused on décor details, they forget about the legal responsibilities they must meet such as permits, licenses, insurance, setting up a business entity, registering the business name, and obtaining an Employer Identification Number (EIN) just to mention a few.
While these are key responsibilities for owning and operating a small business, many owners have difficulty maneuvering through the process to get the paperwork filed timely and properly. Having a qualified business attorney will help one ensure that all their I’s are dotted, and T’s get crossed helping to avoid mistakes and refiles.
Another area often overlooked is business contracts.
As the adage goes “God Is In The Details”, paying attention to the small things can have big rewards and returns for the future. Contracts can consist of general business contracts, employment contracts, and sales-related contracts that help business owners protect their interests and mitigate problems should they arise by ensuring the business is a law-abiding entity.
Contracts layout agreement terms and expectations clearly and decisively to avoid future misunderstandings, creating a binding agreement, deciphering evidence of details, describing each party’s responsibility, providing a sense of security for both parties, serving as a record of agreement, and acting as a deterrent to litigation, therefore, allowing owners to forge working relationships based on mutual understanding and trust. Having legal advice allows you to develop a well-thought-out drafted contract that provides your business with future security.
Steps taken to keep your business on the right side of the law will depend upon what type of business you own and operate along with the state the business is conducted in.
Developing a partnership early on with a qualified business attorney will help forge your business towards success helping you to handle any legal issue that may arise from the start-up. Don’t make the mistake of waiting to hire an attorney “due to needing one”, because by then it may be too late putting your business and wallet in jeopardy. Investing in your business’s legal aid upfront is much cheaper than waiting until a legal issue arises throwing you into the court system or costing you heavily in fines.
Dean Law takes pride in protecting and counseling small business owners.
For the past 20+ years, we have helped business owners navigate through the legalities of running a successful business. We handle a wide variety of business matters and provide strategic counsel and guidance to mitigate risk while promoting profitable growth. You can trust us to ensure that your business meets all its legal obligations and is protected from whatever obstacles might come your way.
Being safe, not sorry is the best way to start your business off on a successful pathway.
Would you like to learn more?
Dean Law offers a 30-minute free consultation allowing you to explore your options before being charged. Request your free consultation via phone or email and take your first step toward “setting up your small business for success!”.