Too often, entrepreneurs take a reactive approach to reviewing the legal aspects of their business. But that can lead to avoidable liability risks, missed opportunities, and a less-than-ideal tax scenario. When business owners adopt a “don’t fix it unless it’s broken” mindset, they may not recognize ways they can improve their business. But the middle of the year is the ideal time to give your business a quick legal checkup to make sure everything’s on track.
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Entrepreneurs who do a midyear legal checkup gain the insights they need to make informed decisions about their business entity type, tax election, and more. In this post, I’ll share some legal considerations worth looking at—and asking an attorney for guidance about—to ensure your business stays on the most successful path.
- Is your business structure still the right choice for your company?
Many businesses begin as one type of business entity type, and then as they grow and become more complex, they discover a different structure will better suit their needs. For example, often one-person businesses begin as sole proprietorships to keep administration simple and compliance responsibilities minimal, but as they hire employees, expand services, and gain more customers, they opt to form an LLC or incorporate to obtain liability protection, tax flexibility (e.g., S Corp election), and more funding opportunities (e.g., attracting investors or being able to sell stock).
- Does it make sense to broaden your horizons into another state (or states)?
Perhaps your business has proven itself in your current market and you find you will need to expand to grow. Maybe extending your products or services to another state (or multiple states) is the answer to building upon your success. Before acting, it’s critical to research which state(s) will offer you the most opportunities. It’s also essential to consider whether establishing a new entity or foreign qualifying your existing entity in the new state will benefit you the most.
- Is the time right for expanding your portfolio of products and services?
If adding a new line of business has been on your wish list, but the regulatory climate or other factors were keeping you from taking the plunge, reassess your situation. If the barriers to entry have gone away, now may be the time to pursue your vision.