The Law Office of
Kari L. MacDonald, P.A.

     813.655.1075

call to schedule
your consultation

Business Planning Law - Frequently Asked Questions

 

Q: Why is Planning So Essential for a Small Business Owner?

  • Lack of guaranteed income
  • Personal finances have often been committed to the business operations and may strain or weaken a family’s security
  • Without a firewall between the small business and personal assets, a family can be placed at great risk when a lawsuit or debt against the business is attached to the family’s assets

 

Q: Why Don’t Small Business Owners Take Steps to Protect Themselves? 

  • Many small business owners believe that they can’t afford to hire an attorney, CPA, or financial planner
  • There is an overwhelming amount of information to digest
  • It takes time to gather the information that is necessary to develop a comprehensive plan
  • They are independently wealthy and their business is just a hobby

 

Q: What Are Some of the Complex Issues that Small Business Owners Should Consider?

  • Whether a trademark or copyright is needed
  • Whether their idea has already been trademarked or copyrighted by someone else
  • What can be said, written, tweeted, or shown in social media
  • Does the person with the idea want (or need) a partner or investor
  • How will information be disseminated on a website or in a brochure
  • How much to charge for a product or service and what type of payments will be accepted
  • What are the tax implications and when are taxes due
  • How to hire your first employee
  • Whether or not to use independent contractors
  • Paying suppliers
  • Entering into contracts
  • What happens to the business if the primary person running things gets hurt

 

Q: Planning for Success!

  • What are your goals?  Are they in writing?
  • How much do you want your business to be worth after five years?
  • Would you consider selling your business?  At what point?
  • Can anyone in your family take over the business?
  • If you have partners or investors, can you sell to them or can you buy out their share?
  • Do you have the proper insurance products in place:  disability insurance, life insurance, health insurance?

 

Q: What is Included in a Business Formation and Protection Plan?

  • Personal Estate Plan to protect the most important priority in your life:  YOUR FAMILY!
  • Keeping your personal assets protected from business liabilities
  • Employment issues
  • Employee Handbook and Policies and Procedures Manual
  • Collections
  • Insurance assessment:  using insurance as a tool in your business
  • Disaster Management Plan
  • Family-owned business plan
  • Business succession plan

 

The Law Office of Kari L. MacDonald

 

Tel:  813.655.1075
Fax:  813.681.9589

634 E Bloomingdale Ave
Brandon, FL 33511

info@klmlawoffice.com

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