BUSINESS LAW

Penny-Wise, Pound-Foolish

Business owners are always watching their expenses, as they should Some try to limit costs by avoiding attorneys until they are sued However, it can be risky and expensive for a business to minimize the importance of good legal counsel. As we often say, it is always easier and cheaper to stay out of trouble than to get out of trouble. There are also many ways that proper planning can increase profits and protect business assets Make sure you have all the advice necessary to achieve your business and personal goals. Legal advice from attorneys who know business and its needs will pay for itself many times over while bringing peace of mind

These are some of the questions that businesses should answer:

What Business Entity Should be Used?

There are several different forms of business entities The one that will be best for your business depends on many things. What is your business plan? What is your personal life plan? What do you see as the length of life for your business? What risks are associated with your products or services? Will you have partners or investors? Will you own real property? To minimize risk, perhaps several entities should be formed, with leases, service or management contracts binding them together. You

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must also consider such issues as insulation against personal liability, minimizing taxes, asset protection, estate planning, retirement planning, operational structure, and financial structure The choices of entity and structure will affect many of the subsequent decisions that will be made in your business, and whether you will realize all the benefits and satisfactions that you expect.

Minimize Taxes…Maximize Benefits

The tax code is a complex and difficult minefield but may also offer opportunities to those having the knowledge and ability to take advantage. Experienced business and tax counsel can alert you to these opportunities and help structure your business to maximize your tax benefits and minimize your tax burdens.

Contracts of all Shapes and Sizes

Whatever the nature of your business, you have relationships with vendors, service providers, employees, and customers Those relationships are all contractual, whether or not you have formal written contracts. Written contracts are highly recommended, but even without them, your invoices, receipts, and even advertisements and