People go into business with the greatest of intentions, but as with entering into contracts, there are often ambiguities or issues not considered…especially if one or more of the people starting the business is a first-time business owner. If there’s a disagreement over a management decision, how is that impasse resolved? Do the members receive a salary, get a percentage of the profits, or both? What happens if one member does all the work? How will the members all have assurances that the company’s legal obligations are being met? It’s not enough to scribble on a napkin “We will be equal partners”; you have to plan for the future, and expect the unexpected.
At Shelton Legal Services, we understand how these issues can complicate matters, hurt business, and destroy relationships. After all, we’re a small business, too! We’ve learned through years of helping our clients succeed that the “formalities” of a business are not “mere formalitites”; they exist to keep a business strong and thriving. Without the proper organization from the very beginning, it is easy for a business to get behind on tax obligations, violate employment laws, and short-shrift owners of the company. Usually, these violations are not the result of malicious intent by anyone. Rather, they are the end result of shoddy planning in the beginning.
Give your business the best chance at success; do things the right way from the beginning. Contact Shelton Legal Services and find out how we can help you take care of business.