Many Americans have the dream of starting and running their own business. Unjust times, however, can spell the end of many of those dreams while being the inspiration for new beginnings. Everyone who starts a new business must be careful not only to ensure that it starts on a sound economic footing, but to also ensure that it has a firm legal basis. Careful attention should be paid to how the business is structured. For some, a traditional corporation may be the best approach while for others, a limited liability company may be the answer. There may be situations where a partnership or sole proprietorship may be the best answer.
The decision of which structure should be utilized is best made in consultation with the new business owner's lawyer and financial advisor. While new businesses are often strapped for capital, new businesses should be wary of skimping on financial and legal assistance.
There are many instances in which the new small business should seek legal advice. These include not only business formation issues, but also employer-employee relations and business contracts. Unjust times call for vigilance and careful planning. That should only be done with the best assistance available.
© Rod Powell 2009
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