Business Planning Prezi Presentation
Business planning relates to the strategic manner in which you organize and position your business to maximize its likelihood of succeeding. For startups, it typically includes tax and entity selection, governing documents and agreements for key personnel. Governing documents typically address ownership, control, management, taxation, allocation of profits and losses and distributions to partners (partnerships not c/s corps). Like existing companies, governing documents also address transfer of ownership, death, disability, divorce, bankruptcy, noncompetes, nonsolicitations and confidentiality. Ensuring key personnel agreements, customer agreements and relationships with vendors are structured properly can be instrumental in solidifying a strong infrastructure to grow. Basic legal terms such as venue, fee shifting, integration clauses, waivers, remedies and assignments can have significant impacts on the company as well. Not having basic business planning in order can be fatal if any of these areas are not properly flushed out. Having an attorney on your team is critical.
Bottom line: startups and existing businesses should not overlook the importance of making sure their fundamental legal needs are met. It’s a variable expense that could put you out of business. It is also important to mention that tax, accounting and risk management should be addressed at the outset too.
Barry E. Haimo, Esq.
Strategic Planning With Purpose
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