Starting a Business: You Don't Know What You Don't Know.

Two guys came in to my office for a consultation. A few years back they set up a side hustle business and hadn't done much with it since.

All of a sudden, their business started gaining traction. Orders kept coming in. This is no longer a side hustle.

Now they are a little concerned...

Why?

Because - they don't know what they don't know.

The more business they do, the more potential liability exposure.

The unknown is always scary.

It doesn't have to be.

By consulting with a business law firm and setting up your business properly you can educate yourself and minimize potential personal liability and other risk/liability to your business in several ways.

1. Entity protection. Does your business have its corporate formalities in order? (operating agreements/partnership agreement, stock certificates bylaws, etc..). These documents act as a "liability shield" they separate you personally from the legal entity you own.
2. External Contracts. Risk allocation in your relationship with your customers and business relationships: Do you have terms and conditions that allocate risk away from yourself and protect your business?
3. Internal Contracts. Relationships with employees and contractors: Do you have agreements in place that will protect the proprietary information your company is building?

These are basic legal documents. But if your business venture is just beginning, or you have been doing everything without legal review for a while, you may not know the additional liability protection you could have.

Basic documents could go a long way to make sure your business has long term success and is not derailed by some dispute that goes wrong.

Email: Jeshua@dwlawpc.com

Website: www.dwlawpc.com

Ph: (616) 454-3883