Launching a new business is a new and exciting endeavor for any business owner. It’s a fulfilling experience, but if you’re not careful, you can fall into the trap so many other new business owners find themselves in. In this blog, our Chicago business lawyer explains common business mistakes to avoid.
Partner Problems
If you plan on operating your business under a partnership structure, the person who choose to go into business with is crucial to the success of your endeavor. Many business experts suggest that you choose someone other than a relative or close friend – sharing a close relationship, whether it be familial or platonic, can muddle the boundaries that are needed to make intelligent decisions regarding your business.
Careless with Control
Be very careful as to who you give control and what kind of control you are giving them. While it sounds like a good decision to give authoritative power to partners, this could be a mistake you can’t afford to make. If you’re the sole owner of your business, you should never give employees the authority to sign checks or documents. You could find yourself at risk of having fraudulent activity occur.
Keeping Secrets
In its infancy stages, every business owner is worried about someone stealing their ideas. In an effort to keep confidentiality, many business owners avoid speaking about their ideas and endeavors to others, including experts. By avoiding the discussion, you may be cutting yourself off to valuable networking opportunities. Your worries and doubts can be eased with a non-disclosure agreement, which guarantees that details and strategies of your business practice will not be revealed to other competitors.
Not Hiring a Business Lawyer
Regardless of how modest your start is as a business owner, you should protect the potential success of your business by hiring a dedicated and skilled Chicago business attorney from The Prinz Law Firm. We can work with you on a wide range of matters including licensing, creating a business plan, and finding financing. We aim to address your concerns with cost-effective and efficient solutions.
Contact The Prinz Law Firm today by calling (312) 212-4450 to request a free consultation.