One of the most common reasons new clients come into my office after the New Year is because the person (or persons) want to start a business. After yet another year has gone by working as part of a big corporation, people start to reconsider their purpose in life. Some decide that rather than working another year under someone else that this is the year that they are going to start their own venture – the year that they are going to enter the ranks of America’s small business owner.
There are many steps to starting, and then running, a small business. Meeting with an attorney is only one step in many. Some of the other steps include (and not necessarily in this order): meeting with a CPA, meeting with a banker, creating a business plan, researching your competition, finding business space, and finding a business advisor. It also requires deep soul searching to make sure that your personality and being a small business owner can work together – most small business owners (and I bet almost all successful ones) end up working longer hours than they ever believed imaginable!
There are many earlier posts about the types of businesses that you can start (and as always, I recommend speaking with an attorney like myself prior to starting a business to make sure you start it right). Therefore, rather than talking LLC/corporations/partnerships/etc., this month, we are going to talk about the basics of how to decide who to go into business with. Next week we will start with the pros and cons of going into business by yourself. The following week, going into business with a spouse or significant other and then with partners. Finally, we will talk a little about going into business with friends and family.
I hope you have a great New Year’s and that you have come up with some great New Year’s Resolutions! If any of your resolutions include business needs, make sure to call me, your Denver business attorney, Elizabeth Lewis, today at 720-258-6647!