Business Planning

Business planning generally involves a number of functions and is the most important first step to creating a business. In order to plan a business, it is important to hire an attorney who will help you:

• Draft a business plan,
• Counsel you on the best business organization for your company,
• Obtain finances and investors for the company,
• Draft any contracts,
• Create a partnership agreement, if necessary,
• Create a non-competition agreement, if necessary,
• Determine shareholders’ rights, if necessary,
• Create any buy and sell agreements,
• Register or apply for a trade name, trademark or patent,
• Determine directors’, managers’ and officers’ liabilities and responsibilities, and
• Determine business succession.

Houston Business Planning Attorney

If you want to create a business in Houston, or any of the surrounding areas in Texas, including Spring, Humble, Tomball, Aldine, Atascocita, Klein, Jersey Village, The Woodlands, Conroe or Oak Ridge North, contact the law offices of Wilhite & Lea, P.C. The attorneys at Wilhite & Lea are knowledgeable in all areas of Texas’ business laws and will help you create the best entity for your business venture. Call Wilhite & Lea at (281) 537-2171 about planning a business.

Developing a Houston Business Plan

One of the most crucial steps to forming a business is to create a business plan. The business plan is essentially a formal statement that includes goals of the business, a means to achieve the goals, and background information about the business. The business plan will include this information for the near future, in addition to several years out.

The business plan is generally required before most investors will agree to provide funding for the company. Additionally, the business plan will cover management of the business, responsibilities of everyone involved in the business, how the business will make a profit, the types of products or services offered, how the business will function upon certain situations, and what the future of the business looks like. Even if your business does not need outside funding, it is important to create a business plan with the help of a skilled business attorney.

Most business plans will cover the following areas:

• Executive Summary – This part of the business plan provides an overview of the entire business and why the business will be successful. Additionally, the executive summary provides background information about the company, including the mission statement, when the business began and who created the business, how many employees the business has, where the business is located, and what the future plans of the business are.

• Market Analysis – This part of the business plan provides information on the market the business is in, including research data, the outlook of the industry, the company’s target market, and an evaluation of the business’s competition.

• Company Description – This part of the business plan includes information on the nature of the business and why it will be successful and superior to any competitors.

• Organization and Management – This section of the business plan includes information on how the business is structured, how many people own the business, the percentage of ownership, the business structure, and how involved each owner is in the company.

• Marketing and Sales – This section of the business plan includes how the business will market itself, including how it plans to enter the market, how the business plans to grow, the sales strategy of the business, and how the business will target its customers.

• Service or Products – This portion of the business plan includes information about the product or service the business is supplying, in addition to any patent or trademark information, the product or service’s ability to meet customer demands, and any advantages the product or service has over competitors.

• Financials – This portion of the business plan includes the amount of funding the business will need to start up, in addition to any future funding needs, how the funds will be used, what decisions may impact the future finances of the business, how long the funds will be supplied for, desired terms to the funding, and any financial statements to back up the funding request.

Business Types in Houston

When planning to create a business in Houston, it is very important to form the right type of business for your company. The most common types of businesses in Texas are:

Corporation – A corporation is a business entity owned by one or several shareholders and is operated and managed by a board of directors. Corporations have limited liability, but are generally subject to double taxation.

Partnership – A partnership is made of two or more people for the purpose of carrying on a business. A partnership can be created formally or informally and can be general, limited, or limited liability. Depending on the form of partnership, partners can be jointly and personally liable for all business debts and liabilities, or partners can have limited liability. Partnerships are generally subjected to lower taxes than other business organization forms.

Limited Liability Company (LLC) – A limited liability company is comprised of members who are not personally responsible for any debts or liabilities of the business entity. However, the earnings of LLC members are generally subject to self-employment taxes.

It is important to hire an experienced business law attorney in Houston to help you understand the advantages and disadvantages of each form of business entity, in addition to understanding your business objectives.

Wilhite & Lea, P.C. | Houston Business Planning Lawyer

Contact Wilhite & Lea, P.C. today for a consultation about planning a business in Harris County in Texas. Attorney C. Keith Lea of Wilhite & Lea is an experienced business lawyer in Houston who will help you develop your business plan and create your business entity. Contact Wilhite & Lea, P.C. at (281) 537-2171 for a consultation about business planning throughout Harris County, and the surrounding areas of Montgomery County, Washington County, Grimes County, Fort Bend County and Waller County.