This blog was written by Cindy Salter, Senior Counsel | Chief Operating Officer, with Curnutt & Hafer, a member of the Greater Arlington Chamber of Commerce, as a part of our Thought Leadership Highlights series. To celebrate Women’s History Month, the Chamber is spotlighting women professionals and woman-owned businesses in our community.
I am an attorney practicing in a small boutique firm in Arlington. I’ve owned a small business and now I help head one up. As an active member of the Women’s Alliance and the Chamber, I’m regularly in touch with those folks who own and run small businesses. Their focus is usually on the product or service they deliver, and not always on the legal implications of what they do (or don’t do) in running a business and keeping things running smoothly.
Let’s pull back the legal curtain. Remember, this is legal information, not legal advice. Our Chamber is blessed with many great attorneys, so if you need to consult with one, connect with someone who fits your needs and you’re comfortable with.
Key takeaways:
- Planning is key.
- Be bold and seek advice. A wise businesswoman builds a trusted network.
- Don’t procrastinate and risk missing deadlines.
Starting at the beginning with forming a business – planning is key. You have a great idea and want to launch a business. Research the type of business entity you should form and then run it past an attorney, as there are different tax and legal implications of an LLC, LLP, or S Corp. Partnership and employment agreements should be carefully planned and written.
Put a business succession plan in place. What happens to your business should you pass away or become unable to run it? Think about your employees, customers, and everyone who relies on you. Consult an attorney to decide what happens with your business down the road – put it in your will, a trust, or dissolve it? Also, get powers of attorney in place so others can help with decisions when that time comes.
It’s never too soon or too late to have your Will written. We had a heartbreaking case of a young mother who passed unexpectedly with no Will. Also, it was a blended family, and things got complicated fast.
Have you moved from another state or undergone big life changes? You may need to update your Will.
Planning for your future helps protect your loved ones. Consult an attorney or other professional so you don’t miss key details.
Time is of the essence with certain legal or governmental deadlines. The statute of limitations requires filing a suit within a certain time or your case may be barred. Small businesses have various state, county and federal deadlines.
The new reporting requirements of the Corporate Transparency Act require the disclosure of information about individuals who own or control the company, called “beneficial owners.” Missing key deadlines for this can result in steep fines. Visit FinCen.gov for more information.