Your Business Plan: What is a Business Plan and Why Is It Important?
A business plan has two main purposes—to outline your business goals and to define the strategy for achieving them. Business plans are traditionally used when companies seek investors or commercial lenders. The business planning process will help your online business define a strategic blueprint for the operation and success of your company. A solid business plan will create your own unique identity and it will give you the confidence and documentation needed to get out there and pitch your idea, product or services to anyone. Basically if you have an idea for a product or service and hope to get potential investors, lenders, donors or business partners on board, a business plan is a requirement.
Declare the Controlling State Law
If you don’t declare the controlling state law, then anyone who sues you can determine the state law that applies. It is important to include somewhere in your online contracts or your website the controlling state of your business. If a plaintiff can show good reason for suing you from a particular state undeclared, that state’s laws will apply. This means that you could be ordered to court on the other side of the country. Chances are it could also mean that you will be more likely to lose based on the standards of the other state’s court. You may need legal help to create Online Terms and Conditions to declare the governing state.
Best Practices Suggest You Set Up a Separate Business Checking Account
In most states, including Florida, all business transactions are required to be made through a separate business account. This is extremely advisable and a benefit to your company if you want to receive the greatest number of business deduction possibilities, as well as maintain corporate protection. Remember, always keep your business finances and your personal finances separate. You don’t want to face expensive fees and penalties.
Other Protections You May Need
There are many other topics you may need to explore in securing a safe Online Business Experience. At The Orlando Law Group, our diverse team of attorneys have a wide breadth of experience with roots that run deep in the community where we live, work and play. Our approach to serving clients is twofold. We believe in preventative action and proactive engagement to provide exceptional legal representation.
- Identity Theft – And as Business Owner Your Responsibilities
- Privacy Rules for Financial Companies
- Children’s Online Privacy
- Computer and Information Security
- Selling Internationally/Exporting
- Using Consumer Credit Reports
- Digital Rights and Copyright Laws
Last Updated on April 27, 2017 by The Orlando Law Group