According to the Kauffman Index of Entrepreneurial Activity, approximately 300 of every 100,000 U.S. adults started a business in 2012. The Index found that over 514,000 new firms were started every month in 2012 – but how many will succeed?
Of course, in business –as in life – there are no guarantees. According to the U.S. Small Business Association, about half of small businesses fail within the first five years. And while there is no way to eliminate every risk associated with starting up a new business venture, you can improve your chances of success by careful advance planning and getting good advice from professionals who help people start new businesses every day.
Studies have shown that entrepreneurs who engage in business planning early in the company development process are much more likely to create a successful venture.
While having a carefully researched and well thought out business model is essential, smart business planning also means seeking the advice of a Creative Business Lawyer for the development of:
- Articles of Incorporation
- Operating Agreements
- Buy/Sell Agreement
- Business Succession Planning (it’s never too early to start!)
- Employee/Independent Contractor Agreements
- Intellectual Property Planning
- Insurance reviews
- Tax strategy
If you are thinking of starting your own business, one of your first steps should be to seek legal advice about the structure of your business – sole proprietorship, partnership, corporation or LLC (Limited Liability Company) – including the tax implications for different ownership structures, protecting your personal assets from business liabilities and more.
We can help you prepare for the sale of your small business and guide you through the steps to a successful sale. Whether you are new to entrepreneurship or already operating a business, call us today to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit.