Blume Law Firm, P.C.
"Effective Small Business Solutions"
"Effective Small Business Solutions"
- Planning for Legal and Accounting Needs
When you start a small business you should seek legal and accounting direction before you do anything else. Many times the way you start will direct how you will finish. Most of the small business failures can be linked to decisions made at its inception. - Contract Breaches
A promise is a contract and most small businesses rely on spoken contracts or the statements of business partners and vendors. This usually ends poorly when actual events cause the promises to be remembered in a way favorable to each person. It is critical that risks associated with the business are put in writing to cover situations where one person wants out, one person is not contributing to the company, or where financing becomes an issue. If you discuss and write the biggest risks you will not have problems later. - Money
It is always a dispute about money. Where does it come from and how must it be paid back. This is one of the first questions to ask about the business. If multiple members are in the limited liability company are they to share the risk equally, sign on all guarantees and be responsible for any debt? - Haste
Many mistakes are made because people are in a hurry. You must analyse your situation and plan for the business well in advance. All aspects need to be examined, formation, taxation, financing, production, marketing, etc. - Penny Saved
The most common reason to not seek legal or accounting advice is cost. We attempt to provide fixed fees for various things to take the fear of cost out of the need for advice. This can allow you to ask basic questions to start the business in the right direction for a known cost. Avoiding paying a money up front is not a wise decision if the business fails because of some item you forgot to consider. - Risks
All business is risk. You need to determine what is a risk that is likely to occur versus a risk that will only occur every one hundred years. Do not pay an attorney to extensively research the hundred year risk, but do pay to cover the likely risk.