As a small business owner you probably have a lot of questions spinning in your head, such as:
• Where do I find clients?
• How do I pay for inventory and equipment?
• How do I market my products/services?
These are all critical things to work out to ensure a successful business. However, you should consider putting these issues aside for just a moment, because you really need to make sure you’ve got a solid legal foundation in place to protect your business and your personal assets.
One of the first steps to creating this rock solid foundation is to determine how you should form your business. There are several options to consider: LLC, sole proprietorship, S-Corp…how in the world are you supposed to decide that on your own? The answer is: you shouldn’t. You should consult with a trusted advisor who can guide you through the advantages and disadvantages of all business structures as they relate to your business.
Here at the Morgan Law Group, we’ve counseled lots of Orange County business owners who have either neglected to take the time to address this issue or were poorly advised (or not advised at all!) when they made their choice to form their business. But, no worries…it’s never too late to set things straight!
In future blog posts we’ll walk through the four pillars of a successful business, starting with things to consider when forming your business. But for now, you should consider attending the Orange County Chapter of the National Association of Women Business Owner’s (NAWBO-OC) educational event on April 6th, where I will be teaching women business owners how to make sure their business is on a rock solid foundation.