According to the U.S. Small Business Association, small businesses create almost two of every three jobs in the U.S. every year, and half of working Americans are either owners or employees of a small business.
The SBA advises entrepreneurs to seek counsel while in the initial phases of getting a business off the ground. As a small business owner, you are subject to the same laws and regulation as a large corporation, so it helps to have a Creative Business Lawyer® by your side as you begin your new venture to provide experienced legal advice on:
- Operating agreement
- Legal partnership agreement
- Articles of Incorporation
- Operations Manual
- Funding your business
- Insurance for yourself and your business
- Tax strategies for your business (and your family)
- How to set up your employee/independent contractor relationships
- The best ways to protect and capitalize on your intellectual property
Failure to plan—especially for small business owners—can have disastrous consequences for both your family and your business. If you have chosen to combat economic conditions by creating your own small business, remember that going from being an employee to being “The Owner” brings with it many changes, not the least of which are changes in your estate plan.
Small business owners tend to be less liquid than traditional employees, putting much of their earnings back into the business for growth, which means estate planning for business owners requires a different strategy than for other families. A Creative Business Lawyer™ can help you develop strategies for protecting your business and your family for the long-term.
If you’re a small or mid-size business owner, call us today to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit.