Zach Forward, co-chair of Barclay Damon’s Corporate Practice Area, was featured in the Oswego County Business Magazine On the Job column article “What Advice Would You Give to Someone Who’s Starting a Business Now?”
Zach responded:
Anyone considering starting their own business should carefully consider their overall business structure, weighing the pros and cons of forming an entity, for example, a limited liability company, versus sole proprietorship. The overall business structure would also include ownership structure and which of the founders is receiving what percentage of ownership. As a general rule, one should be careful when starting a business that is owned 50-50 as it creates an easy deadlock scenario. Another big piece of advice is to just simply get your house in order. Make sure you have all of your important business relationships in writing, including between the owners themselves. Careful preparation at the beginning can save a lot of headaches down the road.
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