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5 Things All Entrepreneurs Should Consider When Opening a Business

Business Law for Entrepreneurs | Aldrich Legal Services - pexels-karolina-grabowska-7875996

Opening a business is a significant undertaking, and it’s also a great way to make a living. It’s a chance to showcase your talents and knowledge and follow your passion.

While it may seem like a good idea initially, you need to do it right and understand that it’s an intricate and complicated process. This complexity is why it’s important to understand more about business law and all the reasons why you may need to and should involve small business lawyers in your journey to becoming a business owner.

1. A Niche & Formulating A Business Plan

One of the five things all entrepreneurs should consider when opening a business is to define their niche. Figure out who your audience is and the mission of your business. Formulate a business plan and know how you’ll get from one place to the next. Consider that there might be more involved with setting up a medical marijuana business than if you were to begin selling clothing at a retail shop, and this is where a lawyer can be helpful.

2. Choosing A Structure

Another critical step when setting up a business is to choose your legal structure. It not only dictates whether or not you can hire and have employees but also impacts matters around taxes, paperwork, the liability of the owner, and several other legal aspects. Furthermore, you’re going to have to obtain the proper local and state registration required to launch your business. It’s best to reach out for legal help in this area regarding completing the necessary paperwork and knowing which structure to move forward with.

3. Setting up Office Space

If you want to be a business owner, you must decide on where your office will be and how much space you’ll need. When you’re opening a business, you’ll want to determine if you’ll be renting or purchasing commercial space. Take time to map your finances and needs and make sure that you know what risks come with you setting up your office space in a particular location or building.

4. Getting Everything in Writing

You’re going to be signing many papers and contacts as a new business owner. You should make sure you get everything in writing and review all contracts and documents in detail before taking any further action. Why not get legal support for this so that you know what you’re signing and agreeing to? A business attorney knows what’s legal and should be included and what to amend or say no to.

5. Protecting Yourself & Your Business

You never know when you may find yourself in a sticky situation as a business owner and as you get going. You need experienced lawyers and a team you can trust who have litigated thousands of cases regarding business litigation matters and complex financial agreements. It may also be worth calling in the professionals so that our team can try to resolve a dispute without litigation. You want to be focused on growing your company and not worrying about the complexity of properly protecting yourself and your business.  

 

Call Aldrich Legal Services in Plymouth, MI, and Ann Arbor, MI Today!

At Aldrich Legal Services, we are deeply familiar with business law and how we can support entrepreneurs with their business goals. Call Aldrich Legal Services at 734-404-3000 or contact us online for a free initial consultation.

 

FAMILY LAW 88: The trial court found that the children did not have an established custodial environment with defendant because, before the separation, he did not have a large role in the children’s lives.

The trial court credited plaintiff’s testimony that, before the parties’ separation, defendant spent minimal time helping to care for the children, so its finding that the children would not have looked to defendant for guidance, discipline, the necessities of life, and parental comfort during that time was not against the great weight of the evidence.

REAL ESTATE 89: RM had not included any language in the deed providing that the property was a joint tenancy with full rights of survivorship, the property instead became a tenancy in common.

RM drafted the deed without seeking counsel and mistakenly believed that, if either she or FK died, the property would fully pass to the surviving tenant. FK’s will provided that if his wife predeceased him—which she did—the personal representative of his estate should sell any residual property that he owned and divide the cash proceeds equally among his surviving children.

FAMILY LAW 83: A trial court can terminate a parent’s rights and permit a stepparent to adopt a child.

A trial court has discretion to terminate a parent’s rights and permit a stepparent to adopt a child when the conditions of MCL 710.51(6) are met. MCL 710.51(6)(b) requires the petitioner to establish that the other parent had the ability to visit, contact, or communicate with the children, and substantially failed or neglected to do so for a period of two years.

PROBATE 53: The trust agreement included an Incontestability Provision.

A settlor’s intent is to be carried out as nearly as possible. Generally, in terrorem clauses are valid and enforceable. However, a provision in a trust that purports to penalize an interested person for contesting the trust or instituting another proceeding relating to the trust shall not be given effect if probable cause exists for instituting a proceeding contesting the trust or another proceeding relating to the trust.

FAMILY LAW 82: Court stated it would terminate the personal protection order (PPO) after the parties present documentation of the initiation of the divorce proceedings.

However, the trial court concluded that these matters should, in fact, be in the province and the jurisdiction of the Family Division and in that respect, having issued a personal protection order, the Court stated it would terminate the personal protection order after the parties present documentation of the initiation of the divorce proceedings.

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