Legal.  

It’s one of those pesky, yet important things in life that no one wants to think about.  But the realization is that putting thought into it before you need it will save you time and money down the road.  It’s like setting up a will.  You don’t want to have to consider the circumstances surrounding why you may need a will, but you sure want one in place to protect your business and your family when the time comes. This is the best way to be proactive for you, your family and your business.

This brings up a good point, which is  “Legal Matters” refers to more than just having a contract in place here or there. Legal Matters are about protection.  For your business, you need to have the right structures in place from the beginning. The setup of a S-Corp, C-Corp, LLC or Sole Proprietorship just for starters.  This is one place I recommend consulting someone very well versed in business setup  so they can make sure you are setting up your business in the best way not just for now, but for growth. 

Contracts.  These should be well thought out and reviewed. Contracts can be for employees or contractors. They can handle clients or manufacturers. Just know that having the right language in written form, signed by both parties, protects everyone and is a great source to fall back on.

If you don’t have one in place you should setup a Will and/or a Living Trust. A key point is to make sure that you are not co-mingling funds. You also need to consider your insurance needs for both your business and personal lives.

Having contingencies in place “just in case” helps you sleep better at night.  I strongly recommend having a good accountant, one who specializes in your type of business and a lawyer who you can call or send documents to for review. If you sell products or services your Terms and Conditions as well as refund policy should be reviewed by someone who understands the laws within your state. Depending on the size of your business you may consider having a lawyer on retainer.  

The bottom line is there is no way to ‘catch up’ when the need arises for legal help. Any situation which requires you to need legal counsel is stressful enough without finding out that you don’t have the right foundation set in place which could have prevented problems and provided you a barrier of protection.  Take the time, no – MAKE the time, to set up your business correctly now.

It’s not something you can afford to put off.