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5 Things Everyone Should Do Before Starting a Business


So, you have a great idea and the experience to back it up. You are in a great starting place, but you have some work to do before jumping into forming your own business. Consider the following steps before you begin the process of starting your business.

Create a Solid Business Plan

Startups and new businesses are full of overly confident leaders who have more belief in their product or service than a direct plan for delivery. A business plan is a valuable exercise to begin researching and thinking about your company systematically. Consider how your business will address a need or pain point that people currently have. The more preparation you do before launching your business will end up saving you an expensive lesson.

Trademark Your Name

Make sure to research the trademark and web domain status of your intended business name. Having a unique identity will help with your branding and save you expensive trouble in the future.

Bear Essentials

When you start a new business, you will need to cut out most expenses to pay the essentials. Consider your basic needs such as housing costs, transportation, and insurance while leaving room for unexpected expenses. Granted you will be working an average of 50-60 hours most weeks for the first two or three years, so plan for what you will need to keep going.

Hire the Right Help

Many new business owners make the mistake of thinking they must do it all themselves. There is much work you will need to do, but hiring help will make all the difference. Consider taking on an accountant to help you wade through the many layers of taxes and better understand what will be necessary to become profitable.

It’s Not Personal

Make sure to surround yourself with positive people who bring skills to benefit your company. Be wary of hiring friends as many people struggle to let friends go when it becomes clear they are not a good fit. At work, even at a startup, you will need to set your feelings aside and keep the best interests of the company in mind.

If you have taken the above steps and are ready to take the legal and entrepreneurial plunge into starting your business, the team at Aldrich Legal Services is here to help. Our founding attorney Brad Aldrich draws on his more than 21 years experience in the legal and small-business fields to guide you through the business formation process avoiding potential problems along the way.

 

Is My Conviction Eligible for Expungement?

At one point or another, we have all made mistakes. For some people, those mistakes involved breaking the law. Convictions have a large impact on someone’s life. Beyond the sentencing ranging from community service to fines, to jail or prison...

REAL ESTATE 44: Rule of acquiescence in boundary disputes.

The doctrine of acquiescence provides that, where adjoining property owners acquiesce to a boundary line for a period of at least fifteen years, that line becomes the actual boundary line. The underlying reason for the rule of acquiescence is the promotion of peaceful resolution of boundary disputes.

FAMILY LAW 37: Referee recommended against changing legal custody or parenting time.

Plaintiff requested sole legal custody, arguing that she and defendant had difficulty co-parenting and that defendant would not agree to medical treatment for the diagnosis and treatment of ADHD, need for orthodontic work, and need for vision testing and glasses. Plaintiff also requested an alternating weekly or biweekly schedule during the summer, which would increase her overall parenting time.

REAL ESTATE 40: Tax Tribunal denied petitioner’s claim of a principal residence exemption (PRE).

MCL 211.7cc(2) provides that an owner of property can claim the PRE by filing an affidavit that must state that the property is owned and occupied as a principal residence by that owner of the property on the date that the affidavit is signed and shall state that the owner has not claimed a substantially similar exemption, deduction, or credit on property in another state.

The Steps of Construction Litigation

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REAL ESTATE 38: Plaintiff fails to make land contract payments.

The land contract stated that T Company sold real property to plaintiff. The land contract further stated that if plaintiff failed to make a monthly payment, T Company could execute the quitclaim deed, thereby terminating plaintiff’s rights to the real property under the land contract.

CONTRACTS 6: Do you understand the clauses in your Purchase Agreement?

The trial court granted defendants’ motion for summary disposition, concluding that the claims against the realty companies were barred by the valid release contained in the purchase agreement and that the claims against sellers were required to be resolved in arbitration because they fell within the scope of the arbitration clause in the purchase agreement.

DIVORCE 29: Spousal support in gross is non-modifiable, whereas periodic is subject to modification.

As the name implies, periodic spousal support payments are made on a periodic basis. Periodic spousal support payments are subject to any contingency, such as death or remarriage of a spouse, whereas spousal support in gross is paid as a lump sum or a definite sum to be paid in installments. In addition, one major difference between the two types of spousal support is modifiability. Spousal support in gross is non-modifiable, whereas periodic spousal support is subject to modification pursuant to MCL 555.28.1.

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PROBATE 28: Probate court enters a protective order providing support for a community spouse.

A probate court’s consideration of the couple’s circumstances cannot involve an assumption that the institutionalized spouse should receive 100% free medical care under Medicaid or an assumption that a community spouse is entitled to maintain his or her standard of living. Medicaid is a need-based program, and a Medicaid recipient is obligated to contribute to his or her care.

REAL ESTATE 36: Plaintiff argued that her claim was not time-barred because it did not accrue until the grandmother’s death.

Plaintiff’s interest in the subject property is best characterized as a remainder estate, because her right to possession of the property was postponed until the occurrence of a specific contingency, that being the deaths of the grandparents. Plaintiff pursued this action within the 15-year limitation period; accordingly, this action is not barred by MCL 600.5801(4).

Don't let a bad decision, unfair contract, or a messy divorce get in the way of a promising future!
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