Business Planning

Ten Critical Questions About Your Business 1. Have you organized your business as either a corporation or a limited liability company to protect your personal assets from your business's creditors? 2. If you are operating as a corporation, in order to save taxes, did you initially determine whether you should be an S corporation or a C corporation? 3. If you are incorporated, do you observe the necessary corporate formalities to protect your corporate status or if you are operating as a limited liability company, do you have a written Operating Agreement? 4. If your business is owned by more than one individual, do you have a shareholder buy-sell agreement or a limited liability company operating agreement which addresses what will happen in the event of a disagreement among the owners, an owner wanting to sell their interest, an owners divorce, or the disability or death of an owner? 5. If you have a buy-sell agreement, does it provide a valuation formula and how payment will be financed? 6. Do you have all employees sign a written employment agreement, have an employee manual (which has been reviewed by legal counsel) and have your key employees sign employment agreements containing legally enforceable non-competition agreements, prohibiting their solicitation of your customers and/or employees, and preventing disclosure of confidential business information? 7. Have you obtained trademarks and/or service marks to protect the names and logos of your business and your ...



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