OBTAIN PROFESSIONAL COUNSEL
Do not hesitate to obtain professional counsel. Good advice can make the difference between success and failure. Here are some of the ways in which competent professional advisors can be of assistance to you:
YOUR LAWYER: He or she can help you choose the type of business organization that best suits your needs and objectives; advise you as to local, state and federal regulations which affect your business; obtain licenses and permits; prepare or review contracts; resolve tax questions; assist in obtaining financing and give practical advice on many business problems. Your Will or other estate plan should be revised by your lawyer to include your new business interests.
YOUR BANKER: He or she can point out possible sources of capital including a mortgage on your home or other property, commercial bank loans, credit from suppliers or equipment and merchandise, financing of receivables by a factoring company, a Small Business Administration loan and other sources.
YOUR ACCOUNTANT: He or she can help set up and supervise procedures for keeping payroll, tax and other business records.
YOUR INSURANCE BROKER: He or she can advise you as to the types and amounts of insurance you should carry to protect yourself and your business against loss.
YOUR INFORMATION TECHNOLOGY PERSON: He or she can advise you as to the hardware and software available to your business and how you can best make it work for you.
The local Chamber of Commerce, or, in Chicago, the Chicago Association of Commerce and Industry, and the Small Business Administration, a federal agency, also can assist you in the formative stages of your business and thereafter. State and local business incentive programs may be available to you; that availability and qualification requirements for assistance should be thoroughly examined at the outset of any new or expanding business endeavor.
© 2011 Joseph M. Lucas & Associates, L.L.C.