J. Avellanet says:

I own a business now, and if I had to do it all over again, I’d get this book first, use the first four chapters to figure out what kind of business incorporation I wanted, then go get the Nolo book on just that form (such as an LLC or Sole Proprietorship, etc.), and then use this book for everything else from personnel issues, to contracts and leasing, customer service and warranties, and so on. This is the book you will refer to and use again and again until you’re at the point where you can hire your own internal legal counsel and human resources director.

Here’s why:

1. No matter the chapter’s subject, there is a very good, very understandable discussion of “why” you should put some thought into the subject as a business owner, and how – if you don’t tackle XYZ subject – it will come back to bite you since you are the business owner. In my experience, there are four ways to get this kind of knowledge:

* Live through it

* Pay an expert (like an attorney or accountant) to explain it to you

* Attend a business school course on each of these chapters

* Simply read through the chapters and follow the suggestions in the book

Frankly, if you can’t choose the “preferred” choice among these four, you might want to reconsider if owning a business is really for you.

2. Following the “why” parts, each chapter then explains, in very straightforward language, “what to do” and “how to go about it.”

Here are some additional aspects that really made this book standout for me:

1. Chapter 14’s discussion of deducting expenses when you operate your business out of the home is not only very well thought out, but I liked the multiple examples of what worked and what didn’t and why, plus the inset box on ways to document the legitimacy of your deductions to protect yourself. That kind of advice can run you $300+ to get from an attorney and/or accountant, and alone justifies the purchase of this book.

2. Chapter 15’s discussion of hiring, especially how to avoid inadvertently promising job security and how to keep yourself out of trouble with the IRS when hiring independent contractors and temporary workers. Again, advice that alone is worth 10x what this book costs.

3. Chapters 16-17 are very interesting, and I particularly like the elements of an effective customer satisfaction policy and how to get help to resolve customer disputes. Definitely gave me some ideas to think about.

4. Chapter 20 and 21 had some very good insights on how to write a contract the simple way, how to revise a contract after it’s signed, typical defenses you can take in court if you’re sued over breach of contract (knowing ahead of time this information can help make sure you have your documentation tight just in case you do get sued), and the inset box on the various clauses of contracts: what they mean, why they are there, and what’s important about them.

5. Finally, in Chapter 21, we confront the harsh reality: 75% of businesses fail so planning ahead to protect your family assets is absolutely essential when setting up your business. Before you finalize your internal operating agreement or ownership structure, this chapter is a “must read.”

Realistically, if you are thinking about, planning to, or even already own your own business, I cannot imagine why you would not have this resource.
Rating: 5 / 5

Charles Ashbacher says:

Based on all the statistics and a great deal of the political rhetoric, small businesses are one of the primary engines of the American economy. Using the same two criteria, starting a small business is relatively easy compared to the difficulty of keeping it viable for an extended period of time. Whether you are in the development stage or have had your business functioning for some time, this is a book that you should read.

The coverage is complete in both depth and breadth and in language that anyone can understand. Everything from acquisition or creation of the business to liquidation upon failure is covered. I have been running my own small business solo for over a decade and even though a great deal of the material did not apply to my situation I still found an enormous amount of extremely valuable information and advice. If someone were to come up to me and ask for my advice on how to start a small business or keep the one they have, my first (and perhaps only needed) advice would be to buy and read this book from cover to cover. I may not get a great deal in consulting fees with that strategy, but I will have given the best service possible.

Rating: 5 / 5

Dan Bergevin says:

First, no book on this topic can ever be definitive, because every state has its own laws and any book that tried to keep up with them all would either fail or be too expensive to maintain.

But what I do like about this book is its general treatment of a large range of topics, such as differences between types of companies, differences between employees and independent contractors, and all the various legal requirements necessary to start and operate a business.

It is difficult to find information on insuring a small business, dealing with legal problems, drafting contracts, buying and selling businesses, all under one cover and all from a very pragmatic point of view.

In all, I highly recommend this book to anyone who needs a firm grounding on these topics so they will know how to meet their local legal requirements. Furthermore, this book will help those who are in the dark determine what local legal requirements may exist and how to learn more about them.
Rating: 4 / 5