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What Should I Do to Protect and Grow My Business?

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Small business owners often have a lot on their plate. They are responsible for paying attention to each and every aspect of their business. When things get really bad, small business owners may struggle to keep their businesses afloat.

Here are some tips to help you protect and grow your small business from Santa Rosa business attorneys, Johnston Thomas Law.

Register Your Business

One of the most important decisions you must make when setting up your small business is whether or not you should incorporate it. There are several benefits of registering your business.

Registering your business will limit the personal liability of each partner. Incorporating your business will protect every business owner’s personal assets, even if your business is in debt or facing liability.

Registration also provides tax benefits such as insurance premium deductions, income splitting, and deferred tax payments. You will also know how dividends are taxed. Registering your business is a great way to boost its credibility. Owners of registered businesses usually find it easier to raise capital.

Registered businesses are eligible to receive supplier discounts that an unregistered business does not receive.

Hire a Business Attorney

A reputable business attorney in Santa Rosa has their clients’ best interests at heart. Your attorney will help you navigate complex business legalities surrounding starting a business. Your lawyer will help you choose the right business structure for your business. They will draft contracts on your behalf and help you comprehend vendor contracts.

Your business attorney will come up with a plan to help protect your intellectual property. The professional will advise you on tax-related matters and help you avoid potential legal issues related to employees.

An experienced business attorney in Santa Rosa will know how to classify your employees correctly. They will make sure a proper employee termination policy is in place.

Create an Estate Plan

Many small business owners think that estate planning is only for large companies. Nothing could be further from the truth. If your business has assets, you need an estate plan.

A solid estate plan will help minimize your business’s tax liability and maintain its value. Estate planning ensures that your business has enough liquidity to cover business-related costs under a myriad of circumstances so that the business can continue uninterrupted.

Estate planning is complex. You will need professional help when creating your estate plan. Hire an attorney with years of experience creating estate plans for individuals and businesses.

Your attorney will help you identify the right estate planning products and create an effective tax-saving strategy. The professional will help you understand complex estate planning terms.

Johnson Thomas Law is a team of experienced business attorneys in Santa Rosa. Whether you need help with succession planning or want to create an effective estate plan, we have got you covered. To schedule a consultation, please call us at (707) 545-6542

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