3 Mistakes to Avoid Making When Starting Your Business

A business will fall when a solid foundation is not laid out. If you rush through the process and end up forgetting to do critical steps in safeguarding your business, it will succumb to the first crisis that will come its way. 

That’s why if you are starting a business, you should avoid making these crucial mistakes: 

• Incorrectly categorizing your business 

This can have a ripple effect on your business. It will affect how much taxes you are going to pay for. It will affect what kinds of people you can put under your employ. It will also affect the division of assets later on. 

You need to know the right category of your business before registering it because it will be hard to change it later. You can hire business lawyers in Vancouver to help you assess the right category of your business. 

• Failing with the documentation process 

Documentation is crucial for all parts of your operations. Whether you are documenting the incoming and outgoing money or making a contract for your employees, there has to be proper documentation. These documents need to be organized as well so you can easily pull them out when needed. If you lose them, you could potentially lose a crucial document that can be used for litigation cases.

• Not having a crisis plan

Businesses can go through a crisis. The COVID-19 pandemic is proof of that. Make sure you have an effective crisis plan in place. From obtaining business insurance to setting aside an emergency fund, you need to do these things before you start your operations. 

Business lawyers in Vancouver such as Lakes, Whyte LLP can guide you on what else you need to do to secure your business. 

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Plan Your Will When the Future is Uncertain – What Covid-19 Is Teaching Us

If there’s one thing this Covid-19 is teaching us, it’s that the future is not always ensured. We don’t know what will happen. We could be living our lives one moment and the next, everything has changed. In these uncertain times, the best thing we can do is to find things that we control. And when it comes to this, we can control the outcome of what we have right now through planning our estate and making a will. 

Making a will helps you secure the future of your family. It helps deal with the “what-ifs” in life and can help in minimizing your stress during this time. If you have your assets and properties planned, you know that your surviving family members will be secured. They will get what they are supposed to get without them having to fight for it in court. 

If you don’t have an estate plan yet, now is the best time to hire Vancouver law firms and start making a will. When doing your estate plan, it has to be tailor-fitted for your needs. A lot of people don’t know where and how to get started in writing their will and this causes them to make a lot of critical mistakes. You can avoid that by simply hiring professional law firms in Vancouver who will help you go over the right steps. 

It’s not yet too late to secure your future and the future of your loved ones. With estate planning and making a will, you can be assured that no matter what happens in the future, your loved ones won’t be left with nothing. 

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To know more about Wills in North Vancouver please visit our website: lakeswhyte.com

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