Dinn, Hochman & Potter, LLC

Many things to consider in business planning process

Starting a new business can be an exciting time for Ohio entrepreneurs. Along with the excitement, however, comes the planning, financing and responsibilities that go along with such ventures. There are many things to keep in mind during the business planning process.

One of the first considerations in this process is the various contracts that will be needed. If one is going to rent space for the business, a rental agreement is a good idea. Additionally, any other services that the business will be receiving should be specified in the form of a contract. Then, if there are other individuals involved in the business, a contract between the individuals can help to prevent misunderstandings and problems in the future.

Another primary area of consideration is the risk that the business owner is willing to accept. In order to minimize individual liability, the owner and any other individuals involved will want to review the various forms of business ownership to determine which one best suits the particular business venture. Some forms of ownership carry personal liability while others limit financial responsibility. An experienced attorney can assist in determining which form is recommended based upon the business enterprise.

New businesses open their doors on a regular basis. Whether the business is in the form of a sole proprietorship, partnership or corporation, there are basic business planning principles that should be adhered to. Proper planning can go a long way in adding to the success of the Ohio business. Experienced legal counsel can also assist in making sure the business gets started in the right direction.

Source: smallbusiness.findlaw.com, "10 Reasons to Contact an Attorney before Starting a Business", Accessed on March 28, 2017

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