Generally, your business needs to have:

• A unique name, sometimes even an assumed name, that is different from other businesses.

• A governing document, such as an Operating Agreement, By-Laws, or Partnership Agreement that states the rules you will use to operate your business. These documents tackle many issues, such as what happens when you want to bring in a new owner, buyout an existing owner, or when owners can’t agree about a decision that needs to be made.

• A plan, for what happens if an owner becomes disabled or dies.

Business planning can help:

• Arrange for decisions about your business to be made when you aren’t able to make them yourself.

• Establish a succession plan for your business.

• Arrange for the evaluation and sale of your business.

• Deal respectfully with and safeguard your business from the problematic employee or family member.

These are only a few examples. The best next step is to set up a conversation.