Do You Need a Lawyer to Create a Business Plan?
If you’ve got the entrepreneurial itch, a need to be your own boss and the desire to start your own business in Denver, kudos to you! Creative, self-starting entrepreneurs are important to our economy; they can provide us with exciting new opportunities, fill a niche need, improve processes and can even change the way we look at the world.
Of course, it takes more than just one grand idea to start your own business. It’s the attention to details and well thought out processes that will ultimately make or break your idea. It is highly recommended that you create a solid, comprehensive business plan to follow (and tweak as needed) to get your business up and running smoothly. There are potential pitfalls along the way with any new business; having an experienced business planning attorney in Denver assess your business plan before you open your doors will help minimize the complications that can occur.
An attorney can help with such tasks as:
- Creating a business name and website that follows all regulations
- Registering your business properly
- Writing agreements and contracts for employees and business partners to sign
- Thinking in terms of taxation
- Forming the right type of legal entity and creating the necessary legal documents
Creating Your Business Entity
Part of your business plan should include how you want the legal structure of your business set up. You have several options; an attorney can help you navigate those options and choose the one that best suits your needs.
- Sole Proprietorship: one person has complete control to manage all aspects of the business
- Corporations: independent company owned by shareholders; there is no personal liability but there may be tax ramifications; regular meetings and specific record-keeping are mandatory
- Partnerships: two or more people who own and run a business; partners are liable for business debts from all partners but there is no double taxation
- Limited liability companies (LLC): a flexible legal entity that combines features of both corporations and partnerships
Parts of Your Business Plan
Your business plan should not be a one-paragraph statement about your idea. It should be a comprehensive document that outlines every aspect of your plan, containing detailed sections on these topics:
- Executive Summary
- Description of Your Business
- Competition Overview
- Business Goals
- Operational Plan
- Hiring Practices
- Marketing Strategies
- Financial Analysis and Projections
The more time you invest in meticulously thinking through each step in the process, the better chance you will have at success. Often, when you bring in an outsider to take a fresh look at your plan, that person can raise good questions and concerns that you may have overlooked. The Denver business planning lawyers at The Brown Law Firm, LLC, have the mindset and experience to get you thinking about every minute legal detail that could have a potentially devastating effect on your business if unidentified or ignored.
Do you need a lawyer to create a business plan? The short answer is no, but it is certainly in your best interest to contact the team at The Brown Law Firm, LLC, to at least have us assess your plan. It could save you from a lot of headaches and sleepless nights down the road. Call us today at (303) 339-3750 or visit our website.