LLCs and Corporations
LLCs and Corporations
This week, we look at the basics of LLCs and corporations. Please enjoy this YouTube video and if you have any suggestions for future videos, please comment on this post!
Five Thing To Bring To Your First Appointment With a Business Attorney
How to Prepare for Your First Meeting With a Business Attorney
When you first meet with a business attorney to set up your business, it is best to come prepared. Below is a list of information I ask my clients to think about before coming in to see me for the first time:
- Determine who is going to own the business. If you are unsure if you are going to own the business by yourself or with others, bring this up at your meeting as your business attorney can let you know some things to think about. Partnerships do work, but they take a lot of work.
- Think about some names for the business. It is best to have 2-3 names ready when you come see your business lawyer. In many cases, the first name will work, especially if it is unique, but if there is someone already using the name for their business having more than one name ready ensures that you can get the ball rolling.
- Note any expenses already incurred in setting up the business. Your small business attorney will need to know what type of expenses you have had and what type of expenses you foresee. Your small business attorney and your small business accountant will probably work together to determine what expenses are deductible and if one tax entity would make sense over another based on the expenses you have had and you foresee.
- If you are interviewing business attorneys, have questions ready to ask about their experiences. For instance, I usually like to tell potential clients about other types of businesses I have set up, accountants that I have worked with, and information about my background if asked.
- Have a list of your advisors on hand. If you have advisors, you should bring it with you. Even if you don’t have all the advisors you need, bring the ones that you have so that your business lawyer can help you fill in the gaps.
5 Advisors Your Business Needs
5 Essential Advisors Every New Business Needs to Succeed
When you start a business, you will need help to be successful. Below are five advisors that you need to get your business off the ground:
- Attorney: Your attorney will help you stay out of legal trouble from helping you choose the right business entity to writing the sales document when you sell your company for millions!
- Banker: Your banker will help make sure you have the right accounts set up, walk you through loan processes, and offer general business advice if they are good.
- CPA: You accountant will know more about you than your spouse; he or she should know where you spend your money, how to spend it so you save on taxes, and file the right documents so your city, state and the IRS don’t come after you for unpaid taxes.
- Insurance Agent: Your insurance agent will make sure you have the right coverage without having too much coverage and being insurance poor; set up yearly reviews so that if your business changes, your coverage changes with it.
- Mentor/Business Advisor: You mentor should be someone that is in a similar field or at least has owned his or her own business; he or she will give you advice when you hit bumps, a shoulder to cry on when you have lows, and celebrate the successes of your business throughout your company’s life!
Sole Proprietorships and Partnerships
This week, we look at the basics of sole proprietorships and partnerships. Please enjoy this YouTube video and if you have any suggestions for future videos, please comment on this post!
Five Things to Think About Before Going Into Business with Someone Else
Five Things to Think About Before Going Into Business with Someone Else
Before going into business with someone else, you really need to think about it. Partnerships can work, but like marriages many of them fail. Here are five things to think about before starting a business with someone else.
- Can you work together? This is the biggest question you need to answer. If you can’t work together then you shouldn’t go into business together. It may seem like common sense, but many times people over look this because they want to go into business with a friend, a spouse, or a family member. Do some soul searching to make sure that you can work 60 to 80 hours a week with this person.
- Do your work styles complement each other? If one of you is really messy and one of you is really neat, it may seem okay to begin with. However, one year, or even one month, of sharing an office can lead to fighting over cleanliness. If one of you wants to aggressively market the business and the other wants to go slow and steady, it may cause friction. Make sure your work styles complement each other.
- Are you all going to work in the business or are some of you only investing? If you expect you and your partner to both work and contribute the funds to start the business and your partner expects you will do all work because he is only funding it, there is going to be an issue. Make sure have discussed who is contributing what to the business, whether time, money, or experience.
- Are you all ready and willing to put in the same type of hours if you are going to all work in the business? If you think you and your partner should both be working 80 hours a week until you are successful, but your partner only wants to contribute 40 hours a week then there is going to be friction. Talk with your possible partner or partners to make sure you all have the same goal.
- What are you going to do if the partnership goes south? Prior to starting a business with partners, you need to discuss what you are going to do if something goes south with the business. Is one of you going to be able to buy the other out? Will you dissolve the business? Can one of you outvote the others?
Introduction to Starting a Colorado Business
Introduction to Starting a Colorado Business
Welcome to the second in the video blog series from the Law Office of E.C. Lewis, P.C. This week we will be discussing the basics of starting a business in Colorado. Included are the six biggest issues that you should think about prior to starting a company! If you have any suggestions for future blogs, please leave a comment!