Starting a New Business? Plan for Your Own Success
According to the Kauffman Index of Entrepreneurial Activity, new business start-ups reached a 14-year high in 2009 – which is not surprising considering high unemployment rates across the U.S. The Index found that over 550,000 new firms were started every month in 2009 – but how many will succeed?
Of course, in business –as in life – there are no guarantees. According to the U.S. Small Business Association, about half of small businesses fail within the first five years. And while there is no way to eliminate every risk associated with starting up a new business venture, you can improve your chances of success by careful advance planning and getting good advice from professionals who help people start new businesses every day.
Studies have shown that entrepreneurs who engage in business planning early in the company development process are much more likely to create a successful venture. While having a carefully researched and well thought out business plan is essential, careful business planning can also mean seeking the advice of an estate planning and business tax attorney for the development of:
- Articles of Incorporation
- Bylaws
- Partnership Agreements
- Operating Agreements
If you are thinking of starting your own business, one of your first steps should be to seek legal advice from our Jacksonville attorney about the structure of your business – sole proprietorship, partnership, corporation or LLC (Limited Liability Company) – including the tax implications for different ownership structures, protecting your personal assets from business liabilities and more.
