Improper record keeping can cause problems with the IRS, hamper your ability to raise equity capital and could result in personal liability by “piercing the corporate veil” of the company.
Intellectual property (patents, trademarks, confidential information, know-how) is often vital to success and building value of the company. To protect yourself, obtain appropriate registrations and licenses.
Contracts and leases presented by banks, landlords, suppliers generally are written in their favor. These are negotiable! Review all contracts carefully and ensure they meet your business needs.
Many contracts may require your guaranty. Your guaranties to banks, landlords, suppliers and others may expose you to a much greater personal liability. Where possible, try to avoid personal guaranties.