Build a Team of Professional Advisors

As you go through the process of starting (and later managing) your business, you will likely need the assistance of several professional advisors. This “team” of professional advisors may include: an attorney, an accountant, and┬áseveral┬ábusiness consultants.

Why You May Need an Attorney

Your attorney will advise you on all the legal matters that apply to the ownership and management of a small business. Your attorney can:

  • Advise how best to structure and organize your new business

  • Review and/or draft legal documents, such as loan agreements, partnership agreements, buy-sell agreements, and lease agreements

  • Offer legal advice to establish and protect your intellectual property rights, including your ownership rights to your business name, trademarks, copyrights and patents. (Note: Intellectual property law is a specialized field, so you may need an attorney who specializes in these matters.)

  • Assist with the requirements for business licenses, building codes and zoning laws, health department requirements and environmental laws.

  • Help your business comply with labor laws such as the employment of minors, illegal aliens and workplace safety rules.

Why You May Need an Accountant

Your accountant will advise you in matters of small business finance. You accountant may have many responsibilities including:

  • Determining best form of business ownership

  • Helping to set up the businesses financial accounting system, including advising on computer software needs

  • Deciding the appropriate division of the capital you contribute to a corporation between stock and loans.

  • Assisting with the filing of income tax returns, franchise tax returns, and employment tax returns

  • Generating financial reports, such as balance sheets and income statements

  • Forecasting future cash needs and determining profitability.

  • Advising on business expansion

Why You May Need a Business Consultant

A business consultant can be an experienced entrepreneur or professional advisor who knows your industry and can advise you on general matters related to business start up and management. Though many different kinds of business consultants exist, popular areas of consultation include:

  • Marketing

  • Money Management

  • Information Technology Management

  • Human Resource Management

  • Time Management

  • Space Management