3 Secrets To Business Success, Legally Speaking
As you prepare to start or grow a business in Indiana or elsewhere, you naturally need to get up to speed on factors that lead to success such as:
- Market analysis
- Long-range planning
- Strategy development and evolution
- Quality control
- Time management
These are just some of the things that can make or break a new or growing business — and there is another entire area that is critical: the legal aspects. A business law attorney can be an entrepreneur’s best friend since a solid legal foundation can make all the difference in success or failure.
Let’s look at three legal aspects of business success, with tips on how to implement these for your Indiana business.
1. Entity Selection
Will your business be a partnership, an LLC or a mom and pop family business? Carefully consider the pros and cons of each as you determine how to structure or restructure your business.
If you envision a partnership, consider carefully who would make the best partner. Best friends do not always make the best business partners. Do not be shy about telling your potential business partner that you need time to consider all the angles before making a commitment.
If you are already in a partnership and believe it is time to dissolve the partnership, consult with a business lawyer about the best way to approach and accomplish this. On the other hand, is incorporation the best match for your ideal business model? Will there be shareholders and what roles will they play, if so?
2. Operation Agreements And Contracts
The nuts and bolts of day-to-day business operations may involve a commercial lease, insurance policies, business-to-business and business-to-consumer contracts, and more. Your business should have a plan in place for liability protection. If your business has been accused of negligence, fraud or illegal discrimination, your legal situation may be critical. A consultation with an attorney can provide information on how to protect yourself and your business.
3. Growth And Expansion Planning
For best results in the world of business, clarify the end goals before beginning or as you poise your corporation for further growth and expansion:
- Do you anticipate opening branches, franchising or building on your existing business operations in one location?
- Will you expand by bringing contractors on board?
- How will you safeguard your business’s strengths while staying agile and ready to pivot in the right directions based on market forces and other factors?
- Is the ultimate goal to leave the business to children, to sell the business or merge with another business?
- Will you bring on additional partners or shareholders?
- Will you hire new managers and accountants?
- Will your business start producing new lines of whatever you manufacture or initiate new service offerings?
A lawyer can help you move purposefully toward your goals, whatever they are.
Get The Legal Counsel You Need From A Lawyer With A Business Background
I am attorney Heather George Myers and I am well-prepared to guide you through legal aspects of starting and growing an Indiana business. If divorce is a possibility, I can help you prepare to protect your personal and business financial interests. Contact me by phone at 317-643-5496 or by email through this website to discuss your business goals and the legal requirements that will go along with pursuing those goals — poised for success.