Barry had worked in the paint store for a decade when its owner decided to retire. The childless owner had treated Barry like a son. Barry hoped that the new owner, whoever bought the small business, would keep him on but was shocked when the owner offered to give him the business. Overwhelmed with gratitude, Barry accepted on the spot. But as much as he knew paint sales and how to run the paint store, Barry had no clue how to operate a business. And he didn’t know to whom to listen or whom to trust.
Advice
If you’re starting a new business, especially your first business, get advice. Owning, running, and building your own business can be extraordinarily rewarding. You may fulfill your life’s dream. You’ll use all your gifts and talents to do what you know best for the greatest good of yourself, your family, your customer or clients, and your community. But running a business is also complex. You have a lot to know and do to make the business operate lawfully and profitably, no matter how good you are at your specific field or craft. So, get advice. But get sound, skilled, and experienced advice. Don’t listen to every Tom, Dick, or Harry who has an opinion on what you should do. Listen to those who have already succeeded at business, while they learned from their own mistakes. And listen to professionals who have helped others succeed in business. Save yourself a ton of time and trouble.
Experience
Trust this book’s help with your LLC. I’ve been a lawyer for going on forty years, forming and advising dozens of LLCs, corporations, nonprofit corporations, and partnerships. I’ve also litigated all kinds of business entity issues in the state and federal courts, including withdrawal, dissolution, oppression, and liability issues, so I know what can go wrong. My law partners and I managed our own law practice through a special form of LLC for professionals, and I’ve operated my own LLC for property management, contracting, and publishing. I’ve also taught law courses at the nation’s largest law school, where I operated a nonprofit corporation clinic helping dozens of clients form entities through which to pursue their dreams. My published books, chapters, and scholarly articles have addressed business and corporate law issues. I have the experience to give practical and useful advice.
Flourishing
Trusting the advice in this book for help with your LLC can help not just your LLC but also you and your family flourish. Business formation and operation can promote personal and family flourishing. Many assume that America is prosperous because of the unique character of its citizens, its vast natural resources, or perhaps some magical elixir in its society and culture. Think again. Americans flourish largely because of the legal foundations that support American enterprise. Those fundamentals include respect for private property, a ready means of enforcing private property rights through the nation’s civil courts, and the liberty to pursue personal interests with passion and without undue government oversight and regulation. Yet the fundamentals also include being able to form and operate a new business nearly overnight, without having to pay bribes for government permission or wait an eternity for approval. You can’t do that in most of the world’s countries. But you can do it here, with a little sound direction and good advice.
Care
On top of all that, I care. I want you and your family and community to flourish. And I believe that an LLC, properly formed and managed, can bring order, structure, identity, and inspiration for your hopes, ambitions, dreams, and visions. I don’t want you wasting time, going down rabbit holes, getting frustrated, and having to turn back. I want your administration of your business interests to be light, reassuring, clear, and easy, so that you can pour your energies into doing the good work and building the good things of your dreams. You are a creator. You should get to use your creative gifts to inspire, support, serve, heal, guide, and provide for others, whatever is your business vision. My hope is that this handbook for how to form and operate an LLC makes your journey easier, surer, and more satisfying and productive. My best to you in your LLC venture. Maybe I’ll be buying your goods or services some day.
Key Points
Operating your own business can be extremely rewarding.
Forming and operating your LLC takes knowing what you’re doing.
Get experienced advice from those who know what they’re doing.