Saturday, June 6, 2009
LIVE from the Detroit Black Expo - LEGAL ADVICE FOR ENTREPRENEURS
What you need to know how to run your business correctly, legally and profitably!
w/ Anita Davis, Managing Director of an Accounting/Tax/Audit firm. Her services is offered to all entities and persons. She assists businesses in establishing structure, assureing each client is efficient accounting practices. She is passionate about economic development in the city and in Black business;
W/ Allen Venable, Attorney at Venable Law PLLC, a litigator by trait, he deals with criminal law and personal injury. He is a strong believer in black business and is happy to offer any assistance;
w/ Nikki Wright, Attorney and Counselor, NR Wright and Associate ; has been in practice for 15 years, she represents businesses on contract, personal injuries, contract/document preparation as well as nonprofit law. She's chosen to sit on the panel after recognizing she can offer legal advice to small businesses; and
w/ Jeane Adams, Attorney, a member of the largest law firm in Detroit, she is a transactional lawyer who specializes in franchise law.
What are some of the things that small business hasnt done to legitimate themselves as an entrepreneur.
Allen V. - Businesses havent sat down and written down how your business fits within the economy and the industry they plan to infiltrate. They havent figured out how to make money, or how they can differ themselves.
N. Wright, business owners, especially new entrepreneurs don't differentiate their funds. They continue to expose their personal assets to risk by co-mingling financials. This puts your assets under pressure, liability issues are a big problem becuase if (god forbid) their is legal action, everything you have can be taken.
Anita Davis - It's hard to manage your business when you don't know how you are spending your money. As business owners we are visionaries, however, an accounting structure is necessary to capture costs and to dive in finding out more about running a business aside from building it.
As always, the panel agreed that business owners often lack when it comes to seeking advice and asking for help. This provides you with not only the proper information, but you build that connection and gain the exposure, and you realize that the people that you are meeting are the RIGHT people.
The proper relationships are very important in running your business.
What type of entity works best for you business?
DBA : Doing Business As, a filing within your country/city that allows for you to complete business
LLC : Limited Liability Corporation, a filing with the State, a basic business filing. Has certain tax benefits over and under the S Corp.
S Corp : Smaller Corporation
C Corp: Large Corporation, board of directors and has many more tax advantages.
Each corporate entity has different tax benefits as well as insurance accompaniments.
The major motif behind this particular forum is ASK FOR HELP get the proper advice, get to a professional. This is global for all, if you are a competent business owner you want people to come to you...accountants, attorneys and consultants are experts in what they do...why not ask them to "hook you up". Utilizing the business of your peers not only grows your network of businesses and people you know.
DON'T BE SCARED OF THE MONEY...
Products cost money, products for your business, however, make money...in the long run. Visiting random legal document sites is, dare we say, sloppy. Mass created documents aren't as industry specific as a document drafted by your attorney or a statement/tax form created by an attorney. The money that your business spends on itself is an investment, just as a fashion designer wants to have the best fabrics you should also want the best insurance, legal advice, banking rates, location or whatever...investing in how your business is run affects how much your business can make.