Do's and Don'ts: Starting a Business

So, you are ready to start your business venture. Great! Get off on the right track by following a few simple "DO's and DON'Ts."

THE DO's

• DO limit your liability to your investment in your company by incorporating your business or organizing it as a limited liability company.

• DO disclose everything to your attorney about your proposed business venture and past business experiences, both positive and negative.

• DO discuss with your attorney the advantages and disadvantages of the various forms of business entities.

• DO discuss with your attorney the "corporate formalities" to which you must adhere in order to preserve the limited liability afforded to you by virtue of having incorporated your business.

• DO discuss with your attorney the need for a detailed written buy-sell agreement with your business partners.

• DO discuss with your attorney the need for a written employee handbook and written employment agreements containing confidentiality and noncompetition obligations if necessary.

• DO apply for a federal tax identification number for your business (necessary for almost all businesses).

• DO talk to a tax professional and budget for taxes.

• DO invest in technology.

• DO prepare a detailed written business plan.

• DO seek advice from organizations such as Small Business Development Centers (www.sba.gov/sbdc/sbdcnear.html) and the Service Corps of Retired Executives (SCORE) (www.score.org).

• DO join your local chamber of commerce, local civic organizations, trade groups, and entrepreneurs organizations.

• DO get to know your customers and suppliers.

• DO network.

THE DON'Ts

• DON'T make expensive office space and furnishings a high priority unless you are in an "image" business.

• DON'T print your stationary, business cards, and promotional materials until you have had a trademark attorney conduct a search of existing state and federal trademarks and pending trademark applications.

• DON'T ask or permit your employees to breach confidentiality or noncompetition agreements with their previous employers.

• DON'T spend money required to be set aside for employee and other withholding taxes.

• DON'T sign company contracts in your individual capacity. Rather, sign them on behalf of the company as an officer of the company.

• DON'T put off buying insurance.

• DON'T give up 50 percent of your company to investors in your first fundraising effort.

• DON'T pass up opportunities for free publicity.

• DON'T try to do everything yourself. Setting up a business is complicated, and a business law attorney can assist you in making and implementing the right decisions.
  
   

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