February 23rd, 2012
It is very hard to believe, but many companies are started without regard to obtaining the proper insurance coverage, but also without even researching the legal issues. Frank Manning from Manning and Manning strongly recommends anyone starting a business to see an attorney first, and become “legal” before it’s too late.
In an Entrepreneurs Club Radio interview, Mr. Manning outlines the two major legal things any entrepreneur should do when beginning his venture.
- Create the entity. It could be an LLC, or a Sub Chapter S, but your attorney can guide you accordingly.
- Read the documents. When signing contracts with suppliers, vendors, and even agreements with employees, make sure you read and understand all the fine print.
Please listen to Mr. Manning explain the importance of these two vital rules.