We continue our series on Legal Perspectives for Entrepreneurs in partnership with the dynamic group of ladies behind the law firm, Smith, Shapourian and Mignano LLP, an all-female practice in San Francisco, California that helps small businesses understand their legal requirements. In our previous posts, we’ve discussed becoming a sole proprietorship vs. a LLC company and most recently, we’ve learned the importance of having website privacy policies in place. Today, we will find out what a benefit corporation is and how it might be the right choice for your company.
Sometimes when you start a business and it begins to take off; you can be overwhelmed by how quickly everything begins to roll. Before you know it, you can be signing deals, moving products and making money in the blink of an eye. (If you're felling a little unorganized, read this.) All of that is exciting but it can sometimes mean you haven’t covered all of your legal bases.
Though entrepreneurs usually have a great grip on the law (and sometimes even have legal counsel on staff) when it comes to handling liability, protecting personal assets and remaining compliant with the state, there are other issues like operating agreements and website privacy policies that can go unnoticed and add up to a whole lot of trouble if they’re not taken care of. The law is a revolving process that needs to be maintained and groomed throughout your business life.