Small businesses are the lifeblood of the American economy. Forget the industry titans: studies conducted by the U.S. Small Business Association (SBA) have again and again shown that two of every three American jobs created each year come from small businesses. What’s more, owners and employees of small businesses make up over half of the American workforce!
The SBA offers more than just data drawn from the past, providing future-oriented recommendations for aspiring entrepreneurs and longtime business owners alike. Among their list of essentials for those just getting off the ground is high-quality legal advice.
While both sides of the political aisle support making it easier for small businesses to grow, don’t expect clear sailing ahead! Regardless of certain laws and regulation written to your advantage, there will always a daunting set which are violated at your–and your business’s–peril.
Of course, the best protection is prevention. Make sure a Creative Business Lawyer™ has your back as your venture gets its start. Choose someone with hands-on experience assisting small businesses through this sometimes chaotic process–you will need professional legal advice on:
- How to set up the best structure for your business
- How to work out fair operating terms with partners
- How to protect your business from client’s who don’t pay
- How to make sure your vendor and supplier relationships stay on solid ground
- How to make sure your staff doesn’t become a liability for you
Would you set out into the Amazon without a guide? Proper planning and preparation can mean the difference between achieving your dreams and losing it all–especially for small business owners. The potential consequences for both your family and your business are too disastrous to entertain. Don’t forget: no matter your experience in your industry, taking the helm of a company is completely different and brings with it many monumental changes from being a simple employee–not least of which are changes in your knowledge base.
Having less cash on hand is simply a fact of life for the majority of small business owners. Unlike a traditional employee, you may find yourself injecting a significant portion of your earnings back into your business in pursuit of growth. This fundamental difference makes it essential that you protect your investment for your business’, and ultimately your family’s, well-being. With a Creative Business Lawyer™, the protection of your business and your family for the long-term is the top priority.
If you’re a small or mid-size business owner, call us today to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit. Normally, this session is $1,250, but if you mention this article and we still have room on our calendar this month, we will waive that fee.
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