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Lufkin Legal Blog

Older individuals can still start a business if it's their dream

Taking on a new venture in life can be intimidating. Even if Texas residents believe they will be fulfilling a life-long dream, they can still feel hesitant to get started, especially if they are of an older age. Many people 50 and over may feel that it is too late to start a business, but fortunately, their years may give them advantages in this endeavor.

With time comes experience, and many older people have gained life and work experience through the years that could help them when running their own businesses. They may have learned from the mistakes of others that they worked for or can even apply life lessons to business operations. Certainly, the potential for mishaps exist, but older individuals may have better coping mechanisms for dealing with those mishaps that they have learned throughout the years.

Three estate planning tips for business owners

Entrepreneurs are incredibly busy. Between managing daily tasks, employees, business, and their personal lives, business owners rarely have time to sit down and enjoy their free time. Business owners may feel that they don't have time to dedicate to the estate planning process.

But estate planning is not a waste of time and can actually be a time saver and proper planning will make life easier in the future. There are a few steps that business owners absolutely need to take during the estate planning process.

Estate planning is important for different reasons

Doing a little research into the estate planning process before you start is a smart move. In doing so, you will find that there is no one size fits all approach. Estate planning is about understanding the laws surrounding transferring assets to family and loved ones and implementing a strategy to achieve your goals.

Before you jump right into the process, you may want to gain information on why having a plan is useful and what steps you can take to create the plan that is right for you and your family.

Regulatory compliance is vital for Texas business owners

State, federal, and local regulations on some business ventures make running a business not as easy or intuitive as some people may think. While it may seem like anyone could start their own company online these days, staying in compliance with regulations can be a pitfall for the unwary. Regulatory compliance is an essential part of operating any business. If a business does not stay in compliance with its regulations, it could face any number of penalties.

The proper steps are vital when starting a business

Wanting to start one's own business is an exciting time. The desire can come about for many reasons, but whatever the reason, Texas residents who are ready to own their own businesses need to ensure that they take the proper steps for getting started and, hopefully, finding success. It can take a lot of time, effort and thought to make the best decisions, but it is often worthwhile.

First, individuals may want to determine what type of business structure will best suit their needs. Typically, individuals can choose between a sole proprietorship, general partnership, limited liability company or corporation. Each option has various pros and cons, including those relating to taxation and liability. Parties may want to remember that they can change their structure later if the need arises.

Getting a partnership agreement right

Often risky and challenging, starting a business can be among life's most exhilarating adventures. When the venture is a good partnership, its owners get to go through the experience together.

More importantly, they share their resources, experiences and skill sets, potentially making for a stronger business, and they also share legal and financial liabilities. According to Forbes, a strong partnership agreement can be critically important for a successful, harmonious business.

Three estate planning steps for business owners

Entrepreneurs are incredibly busy. Between managing daily tasks, employees, management and their personal lives, business owners rarely have time to sit down and enjoy their free time. It makes sense then that most owners feel like they don’t have to start their estate plan.

But estate planning doesn’t have to take away from your time. If anything, it helps you save time and effort in the future when you decide to retire or cannot act as the primary operator. Luckily, there are a few steps that business owners absolutely need to take during the estate planning process.

It is important to remember the business purpose during formation

Starting a company takes a lot of work. Though many Texas entrepreneurs may be ready to jump right into the actual operational aspects of their companies, it is vital that the necessary paperwork is completed. This paperwork could include having a business purpose in the formation documents.

Though it may seem difficult to think of an overall purpose for a business, that does not have to be the reality of the situation. In fact, it is common for businesses to use a relatively vague statement as their purpose that indicates that the company intends to participate in any lawful business activity. Of course, some entrepreneurs may not feel that a general statement works for their companies and may want to have a more specific purpose. Plus, some state laws require more information.

Does your adult child really need estate planning?

 

The simple answer to this question is a resounding "yes." Once your child turned 18, he or she became an adult in the eyes of the law, even though you may still see them as your child. Legally, you no longer have access to certain information about your child.

The importance of estate maintenance

An estate is made up of things you own, such as your home, car, physical and digital possessions, financial assets, and other important keepsakes. Whether you have an endless amount of property and assets or not, almost everyone owns something that will become a part of their estate when they die. If you don't establish and maintain a plan for your estate, you can leave a complicated mess for friends and family to handle when you are gone.

Some estate maintenance has to do with reviewing the people you've chosen to perform specific duties, like those who will receive benefits, make important decisions and those you chose as a guardian for your children. Are these individuals still alive and able to take on these tasks?

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