Posts Tagged ‘business attorney’
Thursday, April 29th, 2010
Having good financial systems are key to the overall success of any business. Financial systems provide you with an overall picture of how your business is doing and where it is headed. It is absolutely essential to have this set up and running solidly right from the beginning. Below are a few key reports that you should have in place to properly manage your financials:
- Income Statement – An income statement shows income and expenses and will give you a picture of where you are making or losing money.
- Balance Sheet – A balance sheet provides a bigger overall picture and compares your assets and liabilities. This shows you your overall net worth.
- Operating Budget – This is a budget to project sales and expenses to be able to predict times where you may have cash shortfalls so that you can be prepared for them.
A good financial foundation also includes having the proper team in place. Your team may include a bookkeeper, a controller, a chief financial officer, and a business manager. You may decide to take on some of the roles yourself. If so, just make sure that you are qualified. It is important to know where your skills are and also where they aren’t.
Taking on debt or bringing in investors is another important part of your financial foundation. You should consult with your trusted advisor when you are considering taking on investors or acquiring new debt. There will be agreements that need to be created and reviewed and this is a time when you should definitely consult with your accountant and lawyer.
Having a good financial system in place can be tedious and time consuming, but avoiding an audit and getting approved for a loan are great rewards for your efforts.
Tags: business attorney, business financials, business lawyer
Posted in California Business Planning | No Comments »
Thursday, April 22nd, 2010
As a business owner I know you’ve put in hours of hard work and most likely invested a lot of money to get where you are today. Therefore, it is critical that you don’t neglect one of the most important pillars in your business foundation; business insurance.
Insuring your business isn’t quite as easy as insuring your car. Because your business is unique, you’ll need to design an insurance package that will provide a level of protection with which you’re comfortable.
There are so many types of insurance for businesses to consider:
- property insurance
- professional liability insurance
- disability insurance
- worker’s compensation insurance
- business interruption insurance
How are you supposed to know what type of coverage will give you the level of protection you need? Unless you devote hours and hours to learning about insurance, you probably can’t know. That is why it is important to have the right type of team to support you. As I mentioned before, you should have a relationship with an attorney before you need one. Putting together your business insurance package is tricky and making a mistake may mean that you pay legal fees to get you out of a situation that good insurance could have helped you avoid. So, be sure to consult with your attorney when making these critical choices. A good attorney will suggest that you work together with your insurance agent to put together exactly what you need to cover your interests without paying more for or carrying more insurance than you need.
Having the proper level of insurance is not just critical for the foundation for your business; it will help you sleep better at night.
Tags: business attorney, business insurance, business lawyer
Posted in California Business Planning | 3 Comments »
Friday, April 16th, 2010
Small Business Legal Audit Workshop
Do you have a business or a hobby? Having a solid legal foundation in your business is the difference between bumbling along, creating a business that is built on a house of cards and building a real business that does real business in the world. Many owners are losing out on tremendous opportunities for growth because they simply don’t want to pay attention to these important things.
The objectives for this workshop is that you will leave with an action plan for exactly what to do to set up, fix up, or shore up your business in order to have a rock solid legal foundation as the base of your business. We will explore the ins and outs of having a separate legal entity for your business; we will look at the various agreements you have in your business: with clients, vendors, and business partners; we will take a look at Employment Issues, Protecting Your Brand and Estate Planning for business owners. We will also be discussing the other three pillars of a successful business: having the right Insurance protection, solid Financial systems, and essential Tax strategies.
Sunwest Bank
17542 E. 17th Street Suite 200
Tustin, CA 92780
April 20, 2010
12:00pm – 3:00pm
Cost: $45 members
$60 members
Click here to register
Tags: business attorney, business lawyer, small business legal audit
Posted in California Business Planning | No Comments »
Thursday, March 25th, 2010
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.
Tags: business attorney, business formation, Orange County, women business owner
Posted in California Business Planning | No Comments »
Southern California Probate Attorney / Estate Planning Lawyer / Wills & Living Trusts Law Firm
Serving: Los Angeles, Orange County, Riverside, San Bernardino, San Diego & all of Southern California
The estate planning law firm of Morgan Law Group, apc serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate planning in Foothill Ravnch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, and estate planning and probate in Los Angeles, Mission Viejo, Newport Beach, and estate planning and probate law firm information in Orange, OC, Placentia, Rancho San Margarita, San Clemente, Santa Ana, Seal Beach, Tustin, Villa Park, Westminster, and Yorba Linda.
