The effect of securities laws should be discussed with your lawyer. If your new business will enter into a franchise agreement, it is important that you have your lawyer review the franchise agreement and the franchise disclosure documents before you sign the agreement. Franchise agreements typically impose very significant financial and legal obligations upon the franchise. Your lawyer may be able to help you modify the franchise agreement to make it more favorable to you. Obtain Professional Counsel Do not hesitate to obtain professional counsel.
Good advice can make the difference between success and failure.
Your Will or other estate plan should be revised by your lawyer to include your new business interests. He or she can point out possible sources of capital including a mortgage on your home or other property, commercial bank loans, credit from suppliers of equipment and merchandise, financing of receivables by a factoring company, a Small Business Administration loan and other sources. He or she can help set up and supervise procedures for keeping payroll, tax and other business records. He or she can advise you as to the types and amounts of insurance you should carry to protect yourself and your business against loss. The local Chamber of Commerce, or, in Chicago, the Chicago Association of Commerce and Industry, and the Small Business Administration, a federal agency, also can assist you in the formative stages of your business and thereafter.