On behalf of Chandler and Brown, Ltd. posted in business planning on Thursday, November 8, 2018.
Entrepreneurs from Saint Paul may have a great idea for a small business, but it takes more than just a good idea — there are many legal aspects to running a business. From choosing a business entity that shields you from liability, to drafting restriction agreements and contracts, to undergoing possible mergers or acquisitions and finally to planning for the next generation of owners, running a business is a complex endeavor from beginning to end.
Mistakes made during the lifetime of the business can be costly. If the wrong business entity is chosen, a business owner may be liable for the debts of the business or there could be unfavorable tax consequences. If contracts are improperly drafted or are vague, they could be challenged in court. Mergers and acquisitions are complex legal transactions that could fall through if not properly handled. Finally, without a detailed succession plan, there could be disputes as to who should own and run the business once you decide to pass it on.
For these reasons, it can help to consult with an attorney from the minute the business is formed until the time the business is handed off to the next generation, sold or in some other way comes to an end. Attorneys practicing in the field of business law have the knowledge and experience to assist clients with their business law concerns. And, addressing concerns proactively can be a good way to work towards an acceptable resolution.
At Chandler and Brown, Ltd., we are dedicated to helping business owners with their legal issues. We understand that a business is more than just a person’s livelihood — it is part of their identity. By crafting sound legal documents to representing clients in court, we are able to assist in a wide variety of legal situations. For more information on the legal aspects of business ownership, our business planning website may be of help.