Starting a new business is exciting. You have crafted your business model, developed your product and put your blood, sweat and tears into marketing the product for sale. However, during these infant stages of your business, your life is hectic, leaving little room for thought other than how to sell your product. Unfortunately, this is when the most thought should be given to how your business is legally organized.
There are many benefits to organizing your business into a legal entity, among those being personal protection. If organized properly and treated as a separate entity in accordance with Missouri law, your LLC or corporation should provide a layer of personal protection safeguarding your personal assets from any claims against the company. While there are many “one stop shops” on the Internet for organizing your business, the advice and guidance of an attorney is essential for the operation of your business in accordance with Missouri law. There are numerous caveats to operating your new legal entity and if not complied with, Missouri law allows your personal assets to be attacked under certain circumstances.
As simply clicking on forms over the Internet may save you time, it may also cost you your business and personal assets if you are not provided the proper advice in organizing and conducting your newly formed business.
Before you click on a blank form, we urge you to pick up the phone and contact an attorney to review your business structure. It just might be the phone call that saves your business and your personal assets.