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So, you are ready to start your business venture. Great! Get off on the right track by following a few simple "DO's and DON'Ts."
THE DO's
DO limit your liability to your investment in your company by incorporating your business or organizing it as a limited liability company.
DO disclose everything to your attorney about your proposed business venture and past business experiences, both positive and negative.
DO discuss with your attorney the advantages and disadvantages of the various forms of business entities.
DO discuss with your attorney the "corporate formalities" to which you must adhere in order to preserve the limited liability afforded to you by virtue of having incorporated your business.
DO discuss with your attorney the need for a detailed written buy-sell agreement with your business partners.
DO discuss with your attorney the need for a written employee handbook and written employment agreements containing confidentiality and noncompetition obligations if necessary.
DO apply for a federal tax identification number for your business as soon as your business has been incorporated.
DO talk to a tax professional and budget for taxes.
DO invest in technology.
DO prepare a detailed written business plan
DO seek advice from organizations such as Small Business Development Centers (www.sba.gov/sbdc/), the Service Corps of Retired Executives (SCORE) (www.score.org), or Small Business Institutes (www.smallbusinessinstitute.org/).
DO join your local chamber of commerce, local civic organizations, trade groups, and entrepreneurs organizations.
DO get to know your customers and suppliers.
DO network.
THE DON'Ts
DON'T make expensive office space and furnishings a high priority unless you are in an "image" business.
DON'T print your stationary, business cards, and promotional materials until you have had a trademark attorney conduct a search of existing state and federal trademarks and pending trademark applications.
DON'T ask or permit your employees to breach confidentiality or noncompetition agreements with their previous employers.
DON'T spend money required to be set aside for employee and other withholding taxes.
DON'T sign company contracts in your individual capacity. Rather, sign them on behalf of the company as an officer of the company.
DON'T put off buying insurance.
DON'T give up 50 percent of your company to investors in your first fundraising effort.
DON'T pass up opportunities for free publicity.
DON'T try to do everything yourself. Setting up a business is complicated, and a business law attorney can assist you in making and implementing the right decisions.
To help assist clients with business formation, structure, LLCs, and purchasing, Michael Anthony has set up these helpful pages for you:
Anthony Law, represents small to medium size businesses in Columbus, Ohio, and the surrounding communities of Dublin, Powell, Westerville, Worthington, Hilliard, New Albany, Gahanna, Grove City, Upper Arlington, and Bexley and the counties of Delaware, Licking, and Fairfield. Anthony Law also represents clients throughout all of Ohio including Cincinnati and Dayton, Ohio and throughout the United States of America.
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