Sitting in court, you reflect on the highs and lows of your business journey. With the benefit of hindsight, it is easy to pinpoint the things you should have done differently, which would have prevented your current situation.
You remember how enthusiastic you were when you started your business. Your energy and innocence prevented you from taking the steps you should have done to protect your future. You take out a piece of paper and note down the errors you made when starting your business:
- Not treating it as a business: It was you and your best friend, it was a start-up, you never expected it to get this big. In your naivete, you failed to realize that being great friends does not make you great business partners.
- Not choosing the correct type of company: If you had chosen a limited liability company, you would not be facing losing your home as well as your business.
- Not doing your research: Your name’s Mickey, and you make mouse traps. Who would have thought some guy called Walt Disney would have a problem with your business name.
- Not understanding tax requirements: Those innocent tax errors you made are not seen that way by the tax office.
- Not doing the paperwork: Keeping proper records and producing the required documents for your business can be time-consuming, but it is vital.
It is easy to make mistakes when setting up a business. These innocent mistakes can cost you dearly. An experienced business attorney can help you create the legal framework you need to reduce the risk of business litigation.