People often say that business planning is part art and part science … but it is also, in large part, an understanding of applicable laws.
Most “must have” business planning lists include:
- Defining your brand
- Controlling expenses
- Limiting liability
All common sense, right? Absolutely! But a great idea, a keen sense for business, and hours of hard work are not enough for success unless you understand the legal underpinnings of each of the “must haves” on this business planning list.
Business Planning Attorneys: Defining Your Brand
You can spot a Target store a mile away from the big red circles, right? And McDonald’s Golden Arches – another no-brainer to locate. Whether your brand is big or small, you need to define it and then protect it!
Your logo, your slogan(s), your company name, and even your proprietary products need to be protected so that copycats & competitors don’t steal your success. Copyrights, trademarks, business name registration(s) and sometimes even patents need to be filed to protect your brand.
If you haven’t yet done this, contact our experienced Macomb County Business Planning Attorneys today.
Business Planning Attorneys: Controlling Costs
You’ve figured out what your product or service will cost, and how much it will cost you to deliver it, right? But have you covered everything? It is often the hidden or unexpected costs of operation that can erode profits. One of the largest factors that can eat away at your bottom line is taxes: personal, corporate, real estate, employment, and more.
Tax Planning Attorneys
Many business startups do not understand – or even pay attention to – the complex tax ramifications they will face both initially and as their profits begin to grow.
An experienced tax & business planning attorney can offer the best tax planning strategies aimed at both the owner’s individual tax situation, and the tax liabilities of the business itself. With the proper business planning strategies in place, business and personal transactions can be structured so that some taxes may be eliminated, while other taxes may be considerably reduced.
Experienced Tax & Business Planning Attorneys Can:
- Reduce the amount of taxable income
- Lower your tax rate
- Control the time when the tax must be paid
- Claim any available tax credits
- Control effects of the Alternative Minimum Tax
If you haven’t yet considered the tax ramifications of your new or existing business, contact our experienced Macomb County Business Planning Attorneys for a comprehensive tax planning review.
Business Planning Attorneys: Limiting Liability
Speaking of dangerous hidden costs, one unexpected lawsuit – from a customer, supplier, vendor or an injured or disgruntled employee – can wipe out a year’s profits. Or more!
Choosing the right corporate structure – partnership, corporation, sub-chapter S, etc. – can shield you from personal liability as well as manage or minimize corporate liability. And having the best “iron clad” contracts in place – including sales contracts & non-compete agreements – can go a long way toward preventing lawsuits before they even arise.
Additionally, having the proper insurance plans in place are also essential to protect your business from unforeseen liability. An experienced business planning attorney can help identify the insurance you need, including: Workers’ Compensation Insurance, Property & Casualty Insurance, Key Person Insurance, Business Interruption Insurance, Company Vehicle Insurance, and more.
Our Macomb County Business Planning Attorneys Can Help
Of course, this article just addresses the “tip of the iceberg” when it comes to business planning! Our experienced Macomb County business planning attorneys can help you identify the specific areas where you can improve your business planning to protect your brand, reduce your costs, limit your liability, improve your bottom line . . . and much more.
Our Macomb County office is conveniently located in the Metro Detroit area and can be reached from anywhere in the tri-county area. If it would be more convenient for you, a business planning attorney can come to your location as well. Give a business planning attorney at Penzien & McBride a call today to see how we can work together to help your business succeed.