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Minimizing your risk during business formation

As soon as you start addressing the many tasks associated with business formation, you begin to take on risk. Examples typically include financial, human and legal risk. Unfortunately, it is impossible to start a new business without at least some risk. However, you can take steps to minimize potential problems.

The attorneys in our Minnesota law firm want to help you minimize your risk throughout the business planning and formation stages of your endeavor. With this in mind, here are three key points to address when starting a new business.

  1. Take advantage of the legal services an experienced attorney can offer. These services include performing risk assessments, limiting your personal liability and providing guidance when facing legal issues. Your lawyer can also help you acquire permits, draft documents and negotiate business-related purchases.
  2. Think carefully about how to structure your new business. The five major structures to choose from include limited liability company (LLC), sole proprietorship, nonprofit, corporation and partnership.
  3. Make an effort to establish a solid infrastructure for your business. This means giving the physical systems -- communication, technological, electrical, etc. -- associated with your business a lot of planning. Make certain in advance that you can afford the costs of these systems to avoid settling for a substandard infrastructure.

Successful business formation requires a great deal of consideration to avoid unnecessary risks. Finding an advocate to advise you is one of the most effective ways of minimizing any risks you may face. We invite you to review the many resources that we offer to Minnesota entrepreneurs here on our website.

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