Starting a business and operating your own small business can be overwhelming. It can help to have someone in your corner who knows the ins and outs of running a business. Regardless of your type of business, an attorney can always be a useful resource, especially one with a unique understanding of starting and growing a business. There are countless considerations that the typical business owner fails to consider.
Every business should start with the correct business entity at formation. If you intend to keep it simple and self-employee, you can simply report your business earnings and expenses on a Schedule C. If you need liability protection or plan for moderate growth, an LLC may be right for you. For those who have investors or anticipate aggressive growth, forming a corporation may be required.
The next steps for most businesses are buying a building or leasing space, developing internal policies and procedures, and entering into agreements with potential business partners or suppliers. Consulting with an attorney before taking these actions is wise. He or she might find you are paying to much in rent, not receiving the benefits or services you need, or not in compliance with applicable laws and regulations.
Once up and running, businesses will face new concerns. Businesses need to determine whether to hire employees or utilize independent contractors; making the wrong choice could end up costing you. Then with growth, businesses will need to consider franchising, business succession planning, and minimizing their tax liability, all areas where an experience attorney can help.
Establishing a relationship with an attorney provides you with piece of mind. If a legal issue comes up, you already know who to turn to and that person is familiar with your business and individual needs. Finding a law firm that has the knowledge and experience and that fits you is crucial to your success.
Loper Law LLC is a small business, so we have firsthand knowledge of the challenges and opportunities of being an entrepreneur in Mobile. Tom Loper is in his sixteenth year as an attorney and, with an MBA from The George Washington University and an LLM in Taxation from Boston University, is more than ready to help your business thrive.
This blog is scheduled to appear in the March edition of Access Magazine.
452 Government Street, Suite E
Mobile, Alabama 36602