Legal and Accounting

Legal advice is crucial to protect intellectual property like patents, and certain real estate transactions. A good attorney can detail you on the different business structures. You can organize your business as a Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Company, Limited Liability Partnership, or Corporation. You should be familiar with the different strengths and weaknesses of each structure.

A good accountant will prepare good financial statements according to GAAP. This is a requirement of most banks and government agencies. In addition, a good accountant can prepare you for the “tax man”. Taxes have to be paid current.

You should keep a positive relationship with both your attorney and accountant. They are vital to your company’s success.

Leave a Reply