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The Top 10 Startup Mistakes

Business Mistakes
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Below is just a short list of some of the most common (and easily avoidable) mistakes that entrepreneurs make when starting or taking over a business.  By no means is this an exhaustive list.  Rather, it is a starting point for you and your team as you consider next steps.

  1. Jumping into a business without thinking things through completely.
  2. Starting, buying, operating or selling a business without legal and tax counsel.
  3. Not having enough money to make it work.
  4. Relying upon co-workers, friends or an accountant for legal advice.
  5. Operating as a sole proprietor or partnership.
  6. Thinking that planning is only for “large” businesses.
  7. Not planning for succession in the event of illness, retirement or death.
  8. Ignoring corporate formalities, such as Minutes, Elections, and Shareholder meetings.
  9. Using “standard” forms and contracts from office supply stores, online or off-the-shelf software programs.
  10. Doing things a certain way because that is the way that they have always been done without considering better, more efficient alternatives.

(This article is a public resource of general information. The reader should not rely upon information provided herein, and should always obtain counsel from a qualified attorney.)

 

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About Author

Keith B. Baker, J.D., CPA counsels individuals and closely held business owners by solving problems, identifying opportunities and helping his clients attain their goals. The Law Offices of Keith B. Baker, Ltd. concentrates its practice in the areas of estate planning and administration, taxation, closely held businesses and contract matters. Mr. Baker is a past adjunct professor at the DePaul University Masters in Tax program and a frequent speaker on a variety of legal topics. Mr. Baker received his bachelor’s degree in Accounting, with honors and completed his law degree (JD) both at the University of Illinois, at Champaign-Urbana. The Law Offices of Keith B. Baker, Ltd., 5750 Old Orchard Road, Suite 100, Skokie, IL 60077; (847) 933-0200; keith@keithbakerlaw.com