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- Use a "For" and "Against" list when deciding if and who you should have as a partner.
- If considering a partner, look for someone with complementary skills to your own.
- If you take on a partner, have a buy-sell agreement in place before you start.
- Consult with a lawyer when deciding on what form of business best suits your needs.
- Use an intellectual property lawyer to protect your intellectual property rights: your trade name,
Company Name, Logo, etc.
- Outsource your payroll responsibilities to a payroll service provider.
- Establish a tax deferred pension plan for yourself and your employees.
- Collect referrals about lawyers, accountants and insurance agents before retaining them.
- Use your attorney to assist you in maintaining compliance with changing labour laws.
- Join a local service organization such as the local chamber of commerce.
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- Don't use a general partnership if you intend to limit your liability.
- Don't start a corporation without the help of a qualified attorney.
- Don't sell stock in a corporation without an attorney and governmental approvals.
- Do not fail to pay your payroll tax liabilities on time - you are personally liable.
- Do not sign a lease or important agreements without your lawyer's advice.
- Do not start your business without retaining an accountant and having an accounting system in place.
- Don't start a business with a handshake agreement.
- Don't become a general partner without understanding the unlimited liability incurred.
- Don't rely on your corporation as protection from personally guaranteed liabilities.
- Don't fail to take the advice of your lawyer and accountant seriously.
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A bachelors degree with minimum of 50% marks in aggregate. |
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