A typical mistake of a small start-up business is not availing itself of a business structure that may shelter the business owner from personal liability. Corporations and Limited Liability Companies may afford such protection.
A well thought-out and well vetted business plan is an essential element to business success. Business plans should include, without limitation, market analysis and planning, financial projections and cash flow analysis, organization of management team, sales strategies, just to name a few items. A business may be subject to liability and incur significant legal costs due the lack of sufficient forethought. [Read more…]