FINDING A LOCATION FOR YOUR COMPANY’S OPERATIONS
This location concept involves figuratively in addition to physical location. Where do you want to be? Stay with me as I explain.
Office space in a down town area is different than warehouse space. Zoning laws are different. Traffic is different. Do you want to lease or buy? If you want to buy, do you want your legal fiction entity to buy or may you want to create another legal entity to actually own the land and building(s). The ownership of each may include different people.
Figuratively. Do you ship product to different states? Do you directly receive materials and supplies from different states? What is the resident state of your customers? Crucial here is if you ship and they do not pay, in what state must you file any legal action. If your product harms a customer or another, can they force you to defend in their jurisdiction? Can you do anything to avoid being forced to defend/prosecute litigation in another state? With the internet explosion, this concern is more acute. And you thought you did not need a lawyer.
You want to take the time and effort to control, as much as possible, “where” you transact business. Yes, you must consult your hated lawyer to help with your agreements/contracts.
NEXT TIME, Government regulation of your business.