In a previous article on protecting your assets (Part 1), I wrote about the importance of maintaining corporate formalities. Businesses that commingle assets, forgo record keeping, official minutes, and fail to keep their registration with the State of Michigan up to date risk losing their corporate protections. In most cases, the corporate form limits your … Continue reading 3 Common Mistakes that Compromise a Business's Corporate Protection and Expose Your Personal Assets.
Whether you are a one-man computer whiz coding the next blockbuster iPhone app, or a five-employee manufacturer making parts for a Tier 1 auto supplier, you need basic corporate forms to protect your assets and investments. A limited liability company (or LLC) is the preferred way to organize and obtain this protection. Plus, if you … Continue reading 4 Must Have Legal Documents for New Business Owners
What do you associate most with the start of a new year? I personally think of resolutions and how the gym gets crowded with all those who resolve to get in shape. So for many, the New Year is about a new start, a chance to set goals, and a chance to catch up on … Continue reading Happy 2019! ‘Tis the Season for (Corporate) Resolutions!
Every business owner needs to incorporate. Forget about sole proprietorships or a partnership -- running your business without formally organizing is like driving without insurance: You will be OK so long as you don't get into an accident. But when someone rear-ends you, you will be in dire financial straits regardless of who caused the … Continue reading Starting a Business? Choose Your Organizational Structure!
You finally got that phone call from the California venture capital firm that wants to buy your start-up for a couple of million dollars. You are eager to sell and use that money to pursue other projects and passions. The attorneys and accountants have been retained, and the Asset Purchase Agreement has been drafted. But … Continue reading 5 Often-Overlooked Essentials When Selling Your Business