Strategies as your Business Grows

As you are expanding and experiencing growth in your business, here are some business and legal considerations. 

If you have an LLC and you are expanding to sell in different states or even taking on partners, then you may need to register as a foreign LLC within those states. A foreign LLC is an LLC that you register within another state that is different from your domicile (original) LLC state. This foreign LLC formation could also carry different taxation requirements from your domicile LLC that you must address and adjust to. 

Contract consideration for growth in expansion is to review, update, and amend all your contracts to reflect and be compliant with regulation and statutes with the governing state. Specifically termination, liability, and intellectual property considerations. 

When you are growing, everybody can’t be an independent contractor. Most likely you will have contractors that you are treating as employees and that’s a big no-no. 

Invest in a bookkeeper and accountant/CPA. More growth equals more money! Get your financials in order and get insurance. Create a brand protection strategy by conducting an intellectual property audit. File for your IP paperwork, trademarks, copyright, or patent. 

Update your website so you have more eyes on you. Update your privacy policy, terms and conditions, your chargeback, and refund provisions. 

There are a lot of things to consider when you are growing your business. Oftentimes these considerations are left behind or not discussed, but they often become the money guzzlers for your business down.