Planning for Business Success
There is a saying that a failure to plan is a plan to fail. That saying rings equally true when starting up a business. Two important elements that every business owner needs to consider is what type of legal entity should the business be organized as (choice of forum), and how, when, and to whom to pass business ownership (business succession). Not only are these important items to consider from the initial planning of the business, but should also be reviewed as the business matures and your needs evolve. For example, a general partnership may be a good choice for a husband and wife running a small craft business out of their home by themselves, but they may wish to reorganize as a LLC if they ever bring in other owners, employees, or move their operations outside of their home. Additionally, as the owner of a single member LLC you may reconsider from time to time who will continue the business after you retire, or upon your passing. With so many options, it is hard to choose. My office is ready to assist you in ensuring the continued success of your business. Give me a call at (508) 796-2950 to set up your free consultation.