This month, in addition to scheduling an appointment with your CPA, you should schedule an appointment with your Denver small business lawyer – especially if it has been a while since we have talked. Making sure I am up to date with what is going on in your business can help you feel confident that your business is headed in the right direction. When you schedule an appointment, make sure to bring up the following:
- Your tax and legal entity status. As mentioned a few weeks ago, you have a limited amount of time at the beginning of the year to change your tax status if you are a LLC or corporation. Depending on the amount that you are making, your assets and your liabilities, and the current situation of your company, it may make sense to change the way your company is taxed. If you are operating as a sole-proprietorship or a partnership, it may be time to switch to an LLC or corporation. Come in and talk to me, your Denver business lawyer, about your situation and we can figure out the best tax and legal entity status for you.
- Any changes you plan to make this year financially. Are you planning on buying property for your business? Are you planning on hiring employees? Are you going to be making any large purchases? All of these are things your business attorney should know about.
- If your equipment leases or property leases are higher than market average. If your lease is for a long term, it may be difficult to renegotiate it. However, if your lease is significantly higher than the current market price, it may be time to have it reviewed to see if there are any loopholes in it to get you out or at least renegotiate to a better price.
- Any changes to your advisement team. Are you in need of new CPA? Are you bank fees too high to stomach? Have you decided to hire a marketing person? Make sure to keep me, or your Denver small business attorney, abreast of any changes to your advisement team – especially if they want you to sign long term contracts or high-priced contracts to come aboard.
- Any issues you have this month in your business. As always, you should have a list of issues that your business currently has. It may be something as minor as you have one client you can’t collect $25.00 from to something more major such as if you don’t make $30,000.00 this month you may not be able to make payroll.