Business Planning: New Year's Resolutions for Business Owners
The New Year is coming up, and if you’re a business owner, you might already be thinking about your business goals for the year. If you have any goals to expand the business, earn more money, and generally kick ass, make sure that you have the legal and financial foundations in place to support your growth. Here are some things that you need to get in place.
Oregon business owners should see a lawyer to get their foundational business documents completed in 2019. Many business owners set up their businesses hastily, simply by filing Articles of Organization or an Assumed Business Name with the state. This is probably sufficient for simply being able to legally operate a business, but it’s not going to protect you if something goes wrong in the business. If you have creditors or if you are sued, you’re going to be in trouble if you don’t have foundational documents in place, such as an Operating Agreement or Bylaws. You should see an Oregon Business Planning lawyer to get these documents set up.
Business owners in Oregon should have their insurance policies reviewed in 2019. Many business owners buy the minimum coverage when they are starting out because money is tight. If that’s you, then you should have your policy reviewed through the lens of someone who could be sued. Consider what you risk if you’re sued and what you want coverage to look like for you. You should also consider getting a personal umbrella policy, as well as life insurance. See an insurance agent to review your plan. Our office can provide you with referrals if you need any.
Comprehensive business records
Business owners need to keep good records, such as annual minutes, account records, accounting, taxes, and other legal and financial records that show the business is not just an individual operating as a shell company, but a legitimate business. If you’re ever sued, one of the things that will determine if your business is a legitimate one that shields you from personal liability is how meticulously your records are kept. See an Oregon business attorney to get a check up on your records and get anything in place that you need.
It is important for business owners to have solid contracts in place for every relationship or agreement the business enters into. These agreements outline the terms of your relationships and transactions. They can limit liability, spell out rights and obligations, describe remedies, and generally show all parties that there is a solid contract and what its terms are. You need to work with an Oregon business lawyer to have your contracts reviewed and revised or created.
If you keep these resolutions, you will be in great shape to grow and take things to the next level.
If you want to get started, read about our business planning services and schedule an appointment.
To your family's health + happiness,
Candice N. Aiston
P.S. Want to name guardians for your kids? Check out our Guardian Plan kit.
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Candice N. Aiston is an Legal Planning Attorney for Estates + Businesses in the Portland, Oregon area. She helps people to prepare for a lifetime of security, prosperity, and guidance. If you would like to receive her free reports, please visit http://aistonlaw.com/ to sign up. Follow her Facebook page for daily planning tips: https://www.facebook.com/aistonlaw/.