By: Mike Pike
When it comes to starting a business we couldn’t think of a better person to quote than Benjamin Franklin, who some have called “America’s original entrepreneur”. Franklin is widely known for the saying, “An ounce of prevention is worth a pound of cure,” and that couldn’t hold truer if you are considering starting your own business.
There are two professionals that our attorneys at Skeeters, Bennett, Wilson and Pike suggest you find early: an accountant and a business lawyer. While most entrepreneurs realize their need for an accountant, many take far too long to realize the importance of an attorney.
Every business faces issues requiring legal assistance at some point in time. The smartest way for an entrepreneur to save money, time and hassle in the long run is to get legal input before the need is eminent.
Here are five discussions to consider having early on:
1. Talk to an attorney about entity choice, i.e. corporations versus limited liability companies.
2. Talk to an attorney about ownership structure if there are multiple owners.
3. Have an attorney help select a name that does not violate trademarks.
4. Have an attorney review the lease.
5. If you have a business partner or partners, have an attorney draft a buy/sell agreement.
Mike currently is the attorney for the Cities of Radcliff and Vine Grove, advising elected officials, employees, and various city boards on a wide variety of legal matters. A member of the American Bar Association, the Kentucky Bar Association, Hardin County Bar, Meade County Bar, and Association of Trial Lawyers of America, Mike focuses his legal practice on cases concerning personal injury and social security, municipal law, business formation, and estates and probate law. Additionally, Mike oversees the real estate law department for the firm.