Are you incorporated as a corporation, established as a limited liability company (LLC) and do you know the difference?
If you are not incorporated as a corporation or established as an LLC, do you know how liability works in a partnership?
Do you have bylaws, a membership agreement or an operating agreement?
Did you buy your corporate documents from a printing company with a nice leather-bound book but have not yet opened it?
Did you fill out any of the documents necessary to create corporate entity protection? In other words, is that nice leather-bound book simply collecting dust?
Do you call and conduct annual meetings?
Did you actually issue your stock certificates or membership certificates?
Do you pay your personal bills with your business account?
Do you have a business bank account?
Did an attorney write your contracts between you and your customers Black Von Miller Jersey , vendors, contractors and shareholders?
Who do you call when you have legal problems or any business-related questions?
Most businesses fail to secure corporate protection whey start up. In fact, it seems most small business owners I encounter file their articles of incorporation, obtain an employer identification number (EIN) from the IRS, open a bank account and they are off and running. But Demaryius Thomas Jersey , without taking the time to secure the protections which are the whole point of incorporation or establishment as an LLC, the problems may be significant in the future.
Now, I am not suggesting that legal liability is an everyday occurrence. It is usually only a once-in-a-business event. However, if your corporate structure is questioned, it can be catastrophic. To offer an analogy Phillip Lindsay Jersey , most serious problems with a company are similar to a tornado or hurricane. When the corporate structure is attacked and you are personally exposed, it is what Billy Bob Thorton’s character in Armageddon called a 鈥済lobal killer.鈥?
If a customer, business partner, or even a spouse in a divorce question whether the company is actually a recognized company or what lawyers call an 鈥渁lter ego鈥?of yourself, there can be serious consequences. The entire purpose of setting up a company is to protect you personally: your house Royce Freeman Jersey , your car, your investments, your personal bank accounts, and so on and so on. If you do not set up your company correctly, all of your personal assets can be exposed to creditors.
When clients come to my office and ask for assistance in setting up their company Bradley Chubb Jersey , I quote them a price that may, depending on their business needs, have two or three zeros. In contrast, when clients come to me after a lawsuit has been filed鈥攁nd the other party is trying to show that the corporation was not set up correctly and now the client is in fear of personal exposure to creditors鈥擨 am forced to quote a possible retainer of three, four Von Miller Jersey , sometimes five zeros to defend the case.
In other words, an ounce of prevention is worth a lot of zeros.
I encourage all small business owners to review their business鈥檚 needs, as well as its corporate documents and contracts. In essence鈥攚ithout a properly set-up company鈥攜our accountant, networking groups, advertisements Cheap Broncos Jerseys , goodwill, and even a perfect product or service cannot do the community any good when the business is distracted shelling out all those zeros to defend its owner鈥檚 personal assets.
Jeremy Simons Law firm specializes in Family Law throughout the state of Florida. We are trial attorney’s that will run through walls for our clients.
Small business law – Don’t paint a bullseye on your back!
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