What challenges might a small business owner in Texas face?
Texas recently celebrated small businesses during Small Business Saturday, an event held on Saturday, November 26. Texans were encouraged to shop and dine local to support the hard working small business owners in their community. Small businesses drive the economy in Texas, with over 2.4 million small businesses currently operating in the state. In fact, small businesses comprise 98.6 percent of all businesses in Texas and employ about half of all private sector employees. Texas needs small business owners to thrive, and small business owners need more support to help ensure their success.
Starting Your New Business
Texas is ranked number one for small business friendliness and startup activity, but small business owners continue to face challenges. Starting a business requires extensive planning. Soon to be small business owners are advised to contact an Austin, Texas business law lawyer at the onset of their business planning to ensure your business is off to a strong start.
One of the first decisions you must make is selection of your entity type and jurisdiction. Potential entities include C-corporations, S-corporations, Limited liability company (LLC), and more. Your entity will make a significant impact on your tax rate and ability to expand, so it must be chosen with the assistance of a knowledgeable business law attorney.
Understanding Contracts
As a small business owner, contracts will likely play a daily role in your enterprise. Contacts include everything from lease agreements and service contracts to employee agreements, buy-sell agreements, non-compete clauses, and more. Most business owners will be unfamiliar in the fine art of reviewing, drafting, and negotiating contracts. To protect yourself and your business, you should employ the assistance of a business law attorney who will advise you on vital contract matters and protect your legal interests to the fullest extent.
Protecting Your Business
You have worked hard to build your strong small business. It is important that you take steps to protect your business in the event of your sudden illness, retirement, or death. Without a business succession plan, your share of the business may be automatically handed down to a relative that you may not have selected. Business succession planning is a critical component to the overall success of your small business.