Six Tips For Starting A Business Fast Track 090707
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Transcript of Six Tips For Starting A Business Fast Track 090707
P. Haans MulderCunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) [email protected]
SIX LEGAL TIPS FOR STARTING A BUSINESS
FastTrac NewVenture
Serving the Holland area since 1900
Background
Attorney and Partner at Cunningham Dalman, P.C.
Have a Masters in Tax (MST) and specialize in business planning and estate planning
Serving the Holland area since 1900
Background
Cunningham Dalman, P.C. is located in Holland and has been serving clients since 1900
We have 15 attorneys specializing in all areas of the law
Serving the Holland area since 1900
If you are looking for perfect safety, you will do well to sit on a fence and watch the birds.....
Wilbur Wright
Serving the Holland area since 1900
#1-DEVELOP AN AWARENESS OF LEGAL ISSUES
Planning is king because problems in your business are much more difficult to resolve than to avoid
An attorney will help you identify risks and plan to avoid or minimize them
But, your attorney will not be aware of the risks in your business unless you communicate them
Serving the Holland area since 1900
#2-REALIZE THAT LIMITED LIABILITY IS LIMITED
This seems only intuitive, but many entrepreneurs believe that a corporation protects them from all business liability
Limited liability can be viewed as an additional level of insurance that protects you against business risks
However, like insurance, it is not bullet-proof
Serving the Holland area since 1900
#3-OBTAIN ALL NECESSARY PERMITS FOR YOUR BUSINESS
There are a wide variety of permits and licenses that are required for businesses
Search at the state level whether you are required to obtain any licenses-www.michigan.gov/statelicensesearch
Also contact local governmental units (i.e. county, city, township, village)
Serving the Holland area since 1900
#4-FIND OUT ABOUT FINANCING OPTIONS
You can either borrow money or invest it in the business as equity
Both forms of financing are important, but oftentimes come with a cost and result in restrictions in your business decisions
Loans are primarily with a bank and are not available unless you have collateral
Serving the Holland area since 1900
#5-PROTECT YOUR INTELLECTUAL PROPERTY
Intellectual property law allows certain ideas and intangibles to be protected
You may protect a name or symbol to use with the sale of goods or services
You could register a patent so you have a monopoly on the sale of this product for a certain period of time
Serving the Holland area since 1900
#6-DOCUMENT YOUR IMPORTANT DECISIONS AND ACTIONS
Not having something written down significantly undermines your ability to enforce a contract or protect yourself in court
You should be as clear and as concise as possible and always date documents
Serving the Holland area since 1900
P. Haans MulderCunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) [email protected]/phaansmulder.htmLinkedin-www.linkedin.com/pub/1/274/701
Serving the Holland area since 1900
Thank You