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Lunch & Learn shares the virtues of planning ahead

Posted: May 24, 2012 11:41 a.m.
Updated: May 24, 2012 11:41 a.m.
 

When starting a new business, it’s important to have everything in place before a problem occurs, said Jeff Hacker at the SCV Chamber Lunch & Learn sponsored by Hacker Law Group.

"Most of the time when you’re forming a business, you’re not thinking of down the road," he said at the luncheon on Friday, May 18.

Hacker emphasized to attendees the importance of setting up sufficient insurance and workers compensation and planning ahead how to protect your intellectual and physical property.

"One of the things that I’ve always seen is we’re doing damage control after the fact," Hacker said. "The cost on the way in is nothing compared to the cost on the way out if you make a mistake."

The Lunch & Learn also went over aspects of business succession, like estate planning, sale of the business or liquidation. These details need to be determined well before you plan on retiring or passing ownership, he said.

Hacker started the Lunch & Learn with a brief explanation of the different kinds of business entities recognized by California and how to determine the best one for your business.

Many businesses aren’t sure whether to set up a Limited Liability Company or a corporation, but each has its own tax and regulation considerations that may or may not benefit your company. Ultimately, he said, it’s important to work with an accountant who could give you guidance on how to set up your business.

"Determining what kind of business entity you’re going to be is fundamental," he said.

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