Forming a business can be a daunting, but exciting task. When you form your business, it is not only important to have your partners, employees, and, certainly products or services in mind, but also your team of professionals who can help guide your business through formation and successful start-up. Each of these professionals plays a unique and important role.
Your attorney. Obviously. He or she will form the appropriate type of business for you (see prior posts discussing the differences), prepare your internal governing documents, and put together the other requisite documents needed to ensure your business is protected (i.e. lease agreements, employment contracts, etc.).
Your accountant. You will want your accountant involved right from the start so that your attorney and accountant can discuss which type of business is best from a tax perspective. Your accountant will also be able to provide advice and guidance on pay structures for employees or independent contractors and for yourself to ensure that any tax savings are maximized.
And your banker. Having a solid relationship with a banker that you can rely on is key. Our firm has banked with the same institution for more than 30-years – celebrating our successes and providing guidance when needed. A small business, particularly a start-up, demands a close relationship with a banker keen on the needs of a new business.
Take the time to understand your business’ needs and then build a team that supports those needs. Having a team to rely on when times are lean and that joins in celebrating your successes are important building blocks for your business.
The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney. All information contained in links are the property of the linked site.