When starting a business, there are certain principles an entrepreneur should consider in order to lay the groundwork for a well-run and solid entity. Skimping on these key fundamentals typically creates problems that end up being painful and very expensive to fix later, if they can be fixed at all. Entrepreneurs should initially invest the time and money to safeguard against these issues by (1) acquiring proper upfront legal advice in forming the business entity; (2) proper written documentation and business records of the entity from the beginning; and (3) seeking proper accounting advice at the time you form the entity.
