We all fancy having a good business of our own; however, most of us fail to muster up the courage to start our own businesses. We are told stories about how businesses fail and go bankrupt, and those stories stay in our heads, discouraging us from starting our own brands and businesses. It is true that having a successful business is not a walk in the park, but it’s also true that with a little care and wisdom, everyone CAN succeed. One of Texas’s best tax and bankruptcy lawyers, and a successful entrepreneur, Dorothy Lawrence, believes that if startups just avoid the basic legal mistakes that they often make, their probability of success can and does go up substantially.
As the CEO of her own firm, the Dorothy Butler Law Firm, Dorothy understands the legal conundrums and intricacies of businesses in depth. She is of the view that no business can succeed if it doesn’t operate in a legally accurate and wise manner. One of the major mistakes startups make, she says, is not seeking out the advice of a professional from the onset. Startups take the legal side of the business very lightly. They just download some forms from the internet when they are launching, not even knowing whether those forms are fit for them or not. She advises people to stay away from online forms without first discussing them with an expert. Otherwise, she says, you may end up in a situation where you have no protection from being sued and haven’t set things up correctly to avoid taxes. You may also sign away your interest in a business to a partner without understanding the possible short-term and long-term consequences for yourself and your business.
In her practice, Dorothy regularly comes across people who have no idea about how to set things up with the IRS. Because they haven’t set up things correctly with the IRS from the onset, they often end up paying higher tax rates. Based on your individual needs, experts like Dorothy can help you start a business with IRS.
It may seem reasonable to you not to consult a legal expert at the onset of launching your business, but you will regret it when you face the long-term consequences. At the Dorothy Butler Law Firm, Dorothy’s team assists business owners through every step, from formation to annual tax prep, to the unfortunate possibility of disputes. Connecting with an attorney or law firm from the beginning is crucial to avoid legal issues. Otherwise, Dorothy says, you may incur substantial legal fees when your business grows, or there is an owner dispute. It is better and wiser to spend the legal fees upfront and do it right the first time than regret it later.
The Dorothy Butler Law Firm has two talented attorneys on staff that work with business owners. One focuses on the financial side – giving tax advice on starting businesses and differentiating between wage income, contract labor, owner draws, and actual tax return prep. The second attorney focuses on business formation and disputes. If you want to launch a business of your own, Dorothy’s firm can assist you with the initial formation paperwork for a business, starting from gathering the EIN and working on the documents that form the business with the Secretary of State. The firm can also help you with by-laws, articles of incorporation, preparing contracts for business owners, and sending demand letters out on your behalf to assist in collecting monies owed to your business or for violation of contracts.