P. Haans MulderCunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) 392-1821phmulder@holland-law.com

SIX LEGAL TIPS FOR STARTING A BUSINESS

FastTrac NewVenture

Serving the Holland area since 1900

Background

Attorney and Partner at Cunningham Dalman, P.C.

Have a Masters in Tax (MST) and specialize in business planning and estate planning

Serving the Holland area since 1900

Background

Cunningham Dalman, P.C. is located in Holland and has been serving clients since 1900

We have 15 attorneys specializing in all areas of the law

Serving the Holland area since 1900

If you are looking for perfect safety, you will do well to sit on a fence and watch the birds.....

Wilbur Wright

Serving the Holland area since 1900

#1-DEVELOP AN AWARENESS OF LEGAL ISSUES

Planning is king because problems in your business are much more difficult to resolve than to avoid

An attorney will help you identify risks and plan to avoid or minimize them

But, your attorney will not be aware of the risks in your business unless you communicate them

Serving the Holland area since 1900

#2-REALIZE THAT LIMITED LIABILITY IS LIMITED

This seems only intuitive, but many entrepreneurs believe that a corporation protects them from all business liability

Limited liability can be viewed as an additional level of insurance that protects you against business risks

However, like insurance, it is not bullet-proof

Serving the Holland area since 1900

#3-OBTAIN ALL NECESSARY PERMITS FOR YOUR BUSINESS

There are a wide variety of permits and licenses that are required for businesses

Search at the state level whether you are required to obtain any licenses-www.michigan.gov/statelicensesearch

Also contact local governmental units (i.e. county, city, township, village)

Serving the Holland area since 1900

#4-FIND OUT ABOUT FINANCING OPTIONS

You can either borrow money or invest it in the business as equity

Both forms of financing are important, but oftentimes come with a cost and result in restrictions in your business decisions

Loans are primarily with a bank and are not available unless you have collateral

Serving the Holland area since 1900

#5-PROTECT YOUR INTELLECTUAL PROPERTY

Intellectual property law allows certain ideas and intangibles to be protected

You may protect a name or symbol to use with the sale of goods or services

You could register a patent so you have a monopoly on the sale of this product for a certain period of time

Serving the Holland area since 1900

#6-DOCUMENT YOUR IMPORTANT DECISIONS AND ACTIONS

Not having something written down significantly undermines your ability to enforce a contract or protect yourself in court

You should be as clear and as concise as possible and always date documents

Serving the Holland area since 1900

P. Haans MulderCunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) 392-1821phmulder@holland-law.comwww.holland-law.com/phaansmulder.htmLinkedin-www.linkedin.com/pub/1/274/701

Serving the Holland area since 1900

Thank You