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Business Formation & Planning Archives

Crafting a business plan is an important step

Many entrepreneurs want to jump in to the figurative pool without even considering the potential risks of operating a business, or even planning how their business should function. Picking the proper business structure is just one step of many that need to be taken in order to bolster your chances of operating a thriving and successful company. A business plan is a critical part of organizing yourself and your company so that you can have the best possible chance of achieving your goals.

Business succession planning 101

You worked hard to build your business from the ground up. You believe that success has the potential to span generations. The last thing you want is to see your legacy vanish once you're no longer able to lead the business.

What to think about when selecting an entity for your business

One of the biggest decisions you'll make in starting a business is choosing a legal entity. Will your business be a partnership? Sole proprietorship? Limited liability company (LLC)? Limited liability partnership? S-corporation? C-corporation?

Survey: Only 23 percent of family businesses have succession plans

In a post earlier this week, our blog discussed some of the common causes of disagreements in family-run businesses and some relatively simple steps that can be taken to help avoid these often costly quarrels. In particular, we discussed how both business decisions -- particularly how they relate to growth -- and succession often emerge as major points of contention.

Some notes on business structures

To the uninitiated, all businesses may seem "the same" on an organizational level. You have your owners, managers and workers, and the company sells a product or service to customers in exchange for money. But this is an extremely shallow view of business, and one that entrepreneurs know isn't true. Running a company is incredibly complex, and it behooves entrepreneurs to know that there are a number of business structures they must choose from before they get their company off the ground.

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.