Common Mistakes of Busy People
Keep Proper Corporate Records
Improper record-keeping can cause problems with the IRS, hamper your ability to raise equity capital, and could result in personal liability by “piercing the corporate veil” of the company.
Protect Intellectual Property
Intellectual property (patents, trademarks, confidential information, know-how) is often vital to the success and building value of the company. To protect yourself, obtain appropriate registrations and licenses.
Properly Negotiate and Document Agreements
Contracts and leases presented by banks, landlords, suppliers generally are written in their favor. These are negotiable! Review all contracts carefully and ensure they meet your business needs.
Approach any Personal Guaranty Cautiously
Many contracts may require your guaranty. Your guarantees to banks, landlords, suppliers, and others may expose you to a much greater personal liability. Where possible, try to avoid personal guarantees.
Select a Competent and Dedicated Counselor
A competent attorney can help you handle all of these issues, save you time and enable you to focus on the areas vital to business success.