Starting a business can be exciting but failing to consider and address early legal issues can expose a new business to unanticipated costs.

Contracts are the foundation of business relationships. Whether you are hiring, signing a commercial lease, or selling a product or service, you are forming a contract. But when it comes to drafting contracts, cutting corners can cost more in the long-term than you save in the short-term.

While it may be tempting to skim through and sign a contract without fully understanding it, that can lead to some costly consequences for your business.

One of the most important decisions you will make as an entrepreneur is how to structure your business. Forming an entity like a limited liability company (LLC) or corporation can provide significant benefits.