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LEGAL NOTIONS Your Own Business Beyond the enthusiasm driving one's motivation to fulfill a dream of owning a small business, lies a business plan with detailed objectives, goals, (and yes, a budget) waiting to take shape. To lay a strong foundation for a successful business, today's aspiring entrepreneurs (whether starting from scratch or buying out an established business) must do a tremendous amount of research and ground work in preparation for investing in becoming their "own boss". In addition to all else, the entrepreneur must also be prepared to address an unprecedented amount of business-related regulations at the federal, state, county, and local levels, as it is expected that a business be in full compliance with the law from the outset. The fact that a business owner is not aware of a particular requirement does not justify noncompliance because under the law "ignorance of the law is no excuse". There are also unregulated legal aspects of forming and running a business. For example, the contracts that arise between the owner and each client have legal significance from the start. Hence, before officiating over the "ribbon cutting ceremony", a savvy entrepreneur understands the absolute necessity of consulting with a business lawyer to be aware of the legal requirements (and legal consequences) of running the business. Proper legal counsel can provide valuable insight and services bearing on the regulated and unregulated aspects of the business. A business lawyer can prepare, review, negotiate, and/or approve all legal documents necessary to get the business started. This may include the creation of all documents necessary to officially organize the business client as a corporation or other type of entity, reviewing license applications, and the revision or approval of "buy-sell agreements". Valuable legal counsel also includes advice for a reasonably prudent entrepreneur be able to handle on his/her own the various aspects of the business like obtaining tax/employer ID numbers; payment of estimated income taxes; and employee payroll withholding requirements. Fulfilling a dream of owning a successful business involves retaining a competent business lawyer to handle and address the legal matters and concerns from the very beginning of the business's formation. For those of you who are presently working towards achieving your dream of a successful business, but have not yet sought the counsel of a business lawyer, take the time to do so. A proactive step to have your business paperwork reviewed (and updated if needed) will give you the peace of mind that you get when you know that you have all the bases covered. << back to columns >> The information provided in this column is not intended to be legal advice but merely conveys general information related to the topic. © 2005-2007 Scott J. Preble, A Prof. Law Corp., Antioch, (925) 756-7111. www.PrebleLawFirm.com.
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The Preble Law Firm 3700 Delta Fair Blvd., Suite 210 Antioch, California, 94509-4074 Copyright © 2005-2007 The Preble Law Firm. All Rights Reserved. |
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