Starting a new business can be exciting and lucrative. But it also comes with a great deal of responsibility and potential pitfalls. Here are four things you should consider before beginning a business. Choose a Legal Structure Operating a business without forming a legal entity can expose you and your partners to substantial personal liability and negative tax consequences. In contrast, forming a corporation or a limited liability company turns your business into its own...
When you are the owner of your own business, you should always make sure that you have clear and enforceable contracts in place for your business dealings. Contracts ensure all parties are clear about the terms of a deal and that there is a procedure when minds change. Many business owners incorrectly believe well-drafted contracts can be expensive to create. As a result, businesses often cut corners. Entrepreneurs often use Google to find a contract...
Any good business deal begins with a contract. While parties may engage in many meetings, verbal assurances, and handshakes, the details of the parties’ final agreement should be in writing. If you are getting ready to begin a project or business deal, consult with an attorney from an experienced business law firm like the Law Offices of Robert L. Hill to ensure your contract is providing you with the protection and clarity that your business...