Perusing the LocalsGuide right now, you know that Ashland is chockfull of small business owners. That means that Ashland is also teeming with people putting heaps of time and energy into getting their businesses up and running. Most of the new business owner’s attention is focused on developing the product, securing financing, creating the perfect marketing plan, finding the right location, etc. In this flurry of startup activity, two essential elements are sometimes forgotten: 1) tax planning and 2) liability protection.
Tax planning? Liability protection? Boring. Yawn. Time to check my Facebook page.
Sure, these may not be the most captivating subjects, but taking the time to ensure that your business is set up to reduce tax liability and to protect your personal assets can save you money and ensure the long-term success of your business.
Let’s talk first about liability protection. As a business owner, you inherently take on more risks: You are dealing with the public and selling a service or a product, and sometimes things go wrong, no matter how hard you try. That’s just reality. People get mad, lawsuits happen. And a lawsuit against your business could open you up to devastating personal financial loss.
It doesn’t have to be this way, however. Our law office can advise you on liability protection. The main way to do this is to form a legal business entity such as an LLC (Limited Liability Company) or a PC (Professional Corporation). There are many issues to consider when determining which kind of entity you should be, and we can help you work through that. We also take care of the legal legwork to actually form your business entity.
Second, a word about tax planning. While I don’t focus on tax planning, I always advise my small business clients to seek the help of an accountant to ensure that this vital part of running a business is covered. I work closely with several local accountants and bookkeepers and am always happy to recommend the right person to my clients.
As your business grows and changes, we can also assist you with a myriad of legal issues that arise. We offer mediation services for business partnerships gone awry, and can help dissolve a business if necessary.
Also, an unfortunate but real part of business is that sometimes business deals go bad. Customers don’t pay. Things go wrong. Sometimes lawsuits are necessary to ensure you stay in business. We can help with this too.
Succeeding in small business is not easy, but is much more likely if you have professional help and expertise on your side. This includes having a good lawyer.
Robert (Bob) Good has practiced law in Jackson County for over twenty years, specializing in family law, estate planning and business law. Contact him at his Ashland office at (541) 482-3763.