Evolving your small business

Your idea is working out well. You have an established business going and it may be time to take things to the next level. As your business grows and prospers, the legal challenges will also expand. 

As your business grows, you may be looking at:

• Expanding your reach
• Acquiring another business
• Bringing in additional owners

Expanding your reach

There are a number of ways to expand the reach of your products and services. You could branch out to new locations, or hire sales staff to to take on new territories. Luttig Law can help you with the legal issues involved with:

• Setting up business in state(s) other than Wisconsin
  • Registration
  • Sales tax
  • Employment tax
  • Income tax
• Adding sales representatives
  
  • Employment policy
  • Working with independent contractors

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Acquiring another business

Perhaps you have an opportunity to acquire an existing business -- maybe one of your suppliers, a competitor, or a complementary business.  I can help you assess the viability of the options you're weighing. 

There are lots of other legal considerations, too.  For example: 

• Are you acquiring the business entity or just its assets?
• Will the seller continue working for the business?
• How will you prevent the seller going to work for your competitor or setting up a new company to compete with you?
• Are there existing agreements, such as employment agreements, that may be inconflict with your current agreements?
• Will the business you are buying be absorbed into your organization, or will you create a new entity?

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Bringing on additional owners

Service businesses can grow by bringing on colleagues and training them until they are capable of developing and maintaining their own client base on behalf of the business. This is common for professionals such as accountants, attorneys, medical practicitioners, architects and engineers. Some of the legal matters will include:

• Making sure your business complies with the profession's rules of ethics and any licensing requirements.
• Protecting yourself from liability with malpractice insurance.
• Developing operating agreements that address:
  • Management authority
  • Voting rights
  • Income determination and distribution
  • Transfers of interests
  • Dissolution

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