Why your Business Deserves the Best

Why your Business Deserves the BestMany people consider their business to be an extension of themselves. After all, their hard work built the business, and a successful business can mean the ultimate accomplishment. While this attitude may sound good, it can be dangerous. Independently of what type of legal structure one chooses for the business, e.g. Corporation, LLC or Sole Proprietorship, one must treat the business as a separate entity, sometimes this is required by law. This is difficult because often the interests of the business may conflict with those of the owner.

The fundamental conflict arises when it comes to the bottom line. The business owner wants to maximize their take-home profits after the bills are paid. However, some of that money should likely go into the business for equipment, maintenance and proper operation. Unfortunately, in many cases this does not happen.

Businesses with strong potential often fail because their owners do not treat them as a business. This means investing in the structure necessary for any business to operate properly. Take hiring professionals, for example. An accountant is necessary not only to ensure accurate bookkeeping, but also to have a clear financial picture of the company for future planning. Yet, many business owners do not want to spend the money to hire one. Relying instead on do-it-yourself accounting that exposes the business to liability and often comes back to haunt the owner (and the business).

Another example is hiring in-house counsel. The value of in-house counsel cannot be overstated. Business attorneys know the legal and operational challenges that each business faces. They are experts, and in-house attorneys have the advantage of knowing a local business inside and out. They become familiar with every challenge it faces and can counsel decision-makers accordingly. Moreover, the longer an attorney represents a company, the more cost-effective their services become.

In-house attorneys do not have to be prohibitively expensive. At The Gierach Law Firm, we are committed to serving your Illinois small business needs.