Starting a business seems simple enough…you have an idea, create a name, consider sources for funding, start writing a business plan…and then what? Suddenly you realize that there are many decisions involved, and each one of them could make or break your success.
Decisions to consider when making a business plan:
Type of Business Entity: Are you entering into a partnership with another person to collaborate and share responsibilities? Are you creating a Limited Liability Company (LLC) to maintain flexibility and provide protection of your personal assets? A corporation to create shares and raise capital through issuing stock?
Employees: Who will work for you? How will you pay your employees? Do you need a Human Resources department? What company rules and benefits will you need to define?
Finances: What taxes will you pay and what documentation will you need? How can you raise funding for your company? What tax benefits can you receive?
Promoting and Protecting Your Brand: How will you advertise or market your idea? What if there is a breach of contract? How will you handle filing or defending lawsuits?
Additional considerations: After the initial idea for a business, there are many legal considerations to see the business to fruition. From the nuances of tax classifications for each type of business or regulations around hiring and firing employees, to following all laws regarding advertising or eventually selling or merging your business, making the right decisions counts towards the success of your business. A business lawyer carries the knowledge and expertise to steer you in the right direction, and help you avoid costly missteps that could lead to future legal issues or failure. Start your business on the right foot and consult a business lawyer!
The Denver business lawyers at Brown & Crona are ready to assist you in the creation of your business, or to review the structure of an existing business. Our team will take the time to understand your business idea, assist with your business planning, and put your plan into action. Contact us at (303) 339-3750, or send us a message online to meet with our experts.