If you are an entrepreneur or small business owner the business laws/rules you’ll have to follow are certainly different that some of the bigger corporations. Sometimes this can be a good thing because you have a little more wiggle room, but sometimes it means you also need to pay a little more attention to detail. We have laid out a few basic rules of thumb to follow when it comes to business law and legal advice for small businesses.
- Pick the right attorney
Choosing the right attorney to meet your legal needs is important. You want to pick someone who understands the needs of your business and can meet the expectations placed upon them. It’s also smart to choose someone who has experience in the field, so they know exactly what your business needs in order to be successful. Our team at Von Esch is specializes in business law and helps with anything from business litigation to entity formation and transactional services.
- Get Your Permits in Check
When first starting your business it is so important to ensure that you have all of the correct licenses and permits you need. This is why talking to an attorney is so important, because they can help go through the checklist with you and cover anything that’s not already taken care of. If you are unsure, do a little research on your field and see what kinds of permits are required. Your business can be immediately shut down if this is not taken care of right away.
- Always Plan For More
Many small business make the mistake of budgeting for “just the right amount” of money to get their company off the ground. However, this is a huge mistake. Especially if your business is still in the funding stage, entrepreneurs think it will be smart to ask for less from potential investors when in reality that mistake can end up running the business into the ground. You should always budget for more than you think you need. The money is there if you need it or something goes wrong, and if you don’t then there’s left over money! Legal fees are one of the biggest things that business owners don’t plan for. License fees, attorneys and legal expenses can add up very quickly, and considering it’s a huge part of your business it is certainly something you should prepare for.
- Save Every Document
When you are starting up or company or trying to grow your small business there is going to be a lot of paperwork involved. It can be easy to get overwhelmed and forgetful amongst all the signatures and documents, but it is so important to stay organized! Create files for everything, take pictures, mark with sticky notes- do whatever you need to do to stay sane amongst it all and keep everything easily accessible. In the first few years of your business you never know what documents you might need again.
For more advice or a consultation, contact us today to discuss the necessary steps for your business!