Practical Guide to Forming Your Business in Woodbury
Starting a new business in Woodbury means making choices about structure, liability, taxes, and management that will shape your organization for years. Whether you are considering an LLC, a corporation, or a partnership, the initial formation steps determine how you will raise capital, allocate profits, protect personal assets, and meet ongoing compliance requirements. Our firm helps local business owners understand the practical implications of each option and plan a formation strategy that aligns with their goals. We focus on clear guidance, timely filings, and a process that keeps your venture moving forward in Cannon County and throughout Tennessee.
Forming a business involves more than submitting paperwork; it requires planning around management, ownership, succession, and tax impacts. We work with founders to draft operating agreements, bylaws, partnership arrangements, and initial corporate records so that the company starts on stable footing. For many small business owners in Woodbury, getting these documents right from the outset reduces the risk of disputes and unexpected expenses later. Our approach emphasizes practical solutions tailored to the size and goals of your company while ensuring compliance with Tennessee state filing requirements and local regulations in Cannon County.
Why Proper Business Formation Matters for New Companies
Choosing the right business structure offers immediate and long-term advantages: protection for personal assets, clarity about management and profit distribution, and a framework that supports growth and investment. Proper formation documents also clarify roles and responsibilities among owners, set procedures for adding or removing members, and provide a roadmap for resolving disputes. In Tennessee, the formation choice influences tax treatment and state filing obligations, so a well-informed decision can save time and money. Business formation services guide founders through these decisions, ensuring the company is positioned to operate smoothly and adapt as the business evolves.
About Jay Johnson Law Firm and Our Business Formation Work
Jay Johnson Law Firm serves entrepreneurs and small business owners across Cannon County and neighboring Tennessee communities, offering focused assistance with business organization and initial compliance. Our team assists clients with entity selection, formation filings, draft agreements, and registering for state tax accounts. We prioritize practical advice and responsive service so founders can focus on operations and growth. By combining local knowledge with a clear process for filings and documentation, we help businesses in Woodbury get off to a structured start that anticipates common issues and reduces administrative burden down the road.
Understanding Business Formation Services and Your Options
Business formation services encompass the process of selecting a legal structure, preparing and filing formation documents with state authorities, and creating the foundational governance documents that define how the business will operate. This includes preparing articles of organization or incorporation, drafting operating agreements or bylaws, and advising on tax registrations and licensing requirements. In Woodbury and throughout Tennessee, these steps also involve ensuring compliance with state naming rules, filing correct formation fees, and preparing initial meeting minutes and ownership records to maintain corporate formalities and protect owner interests.
A thoughtful approach to formation considers how ownership will be divided, how decision-making will occur, the allocation of profits and losses, and how the business will transition if an owner departs or the company is sold. Formation advice also covers registration for employer taxes, obtaining necessary local permits, and strategies to reduce personal exposure to business liabilities. For partnerships, clear written agreements manage expectations and reduce future conflicts. For corporations, proper bylaws and issuance of stock set the stage for investor relationships and management structure, all while complying with Tennessee requirements.
What Business Formation Means in Practical Terms
Business formation is the combination of legal filings, governance documents, and administrative steps that establish a business as a recognized legal entity. It creates the framework that separates the business from its owners for liability and tax purposes and sets the rules for how the business will be managed. Formation also includes initial reporting requirements and maintaining records that demonstrate compliance with state laws. For new ventures in Woodbury, proper formation creates clarity for customers, lenders, and potential partners, and it helps owners protect their personal assets by drawing a clear line between personal and business obligations.
Key Elements and Typical Steps in Forming a Business
Essential elements of business formation include entity selection, name reservation, preparation of formation documents, filing with the Tennessee Secretary of State, and drafting internal governance documents. Depending on the chosen structure, steps may also include issuing membership units or shares, registering for state and federal tax identification numbers, and obtaining local business licenses. An organized formation process anticipates the need for operating policies, banking resolutions, and employment filings, allowing the business to begin operations with clear roles and responsibilities and a record trail that supports future growth and compliance.
Key Terms and a Short Glossary for Business Formation
Understanding basic formation terminology helps founders make informed decisions. Terms such as articles of organization, bylaws, operating agreement, registered agent, and employer identification number appear throughout the formation process and affect how the business will be run and taxed. This short glossary explains those concepts in practical language so business owners in Woodbury can see how each term applies to their company and what steps will follow after initial registration with the state of Tennessee.
Articles of Organization or Incorporation
Articles of organization or incorporation are the official formation documents filed with the state to create an LLC or corporation. They include basic company information such as the business name, principal address, registered agent, and often the purpose of the business. Filing these documents with the Tennessee Secretary of State legally establishes the entity and begins the timeline for compliance obligations. The articles do not typically set internal rules; those are addressed in separate documents like operating agreements or bylaws, which provide governance detail beyond the state filing.
Operating Agreement
An operating agreement is a private document that outlines the internal governance of an LLC, including ownership percentages, management roles, voting rights, profit distribution, and procedures for adding or removing members. While Tennessee does not always require a written operating agreement, having one reduces the risk of misunderstandings and provides a roadmap for resolving disputes. The operating agreement can also cover transfer restrictions, buyout terms, and succession planning to ensure continuity and clarity when key events occur in the life of the business.
Bylaws and Corporate Formalities
Bylaws are the internal rules that govern a corporation’s operations, covering director duties, shareholder meetings, officer roles, and recordkeeping requirements. Corporations must follow corporate formalities to maintain their legal protections, including holding regular meetings, keeping minutes, and documenting major decisions. Proper bylaws and consistent recordkeeping support a corporation’s credibility with investors and lenders and help preserve the limited liability protections that distinguish the corporation from the personal estate of its owners.
Registered Agent
A registered agent is a designated individual or business entity authorized to receive legal notices and official state communications for the company. The registered agent must have a physical address in the state and be available during business hours. Choosing a reliable registered agent ensures important filings and notices are received promptly so the company does not miss deadlines or fail to respond to legal matters. Many business owners use a professional service or an in-state contact as the registered agent to maintain continuous compliance and timely receipt of official mail.
Comparing Structures: LLC, Corporation, and Partnership
Selecting an entity type depends on ownership goals, tax considerations, liability preferences, and future plans for raising capital. LLCs offer flexible management and pass-through taxation options, corporations may be preferable for raising outside capital and issuing stock, and partnerships can be straightforward for co-owned businesses. Each structure has different compliance demands and implications for personal liability and tax reporting. A comparison tailored to your business plan clarifies how each option aligns with your long-term objectives, helping you choose a structure that supports growth and operational needs in Tennessee.
When a Simpler Formation Approach May Be Appropriate:
Small Sole Proprietorships and Informal Partnerships
For very small sole proprietorships and informal partnerships that have minimal exposure to liability or limited revenues, a streamlined approach focused on local permits and tax registrations may be sufficient initially. In such cases, the primary priorities are establishing a clear business name, registering for necessary local and state tax accounts, and confirming any licensing requirements for the industry. While a simple structure reduces upfront administrative work, owners should remain aware of the personal liability that accompanies informal setups and plan for more formal organization if risks or growth increase.
Low-Risk Ventures with Limited Assets
When a venture involves low-risk activities, minimal payroll, and limited third-party exposure, owners sometimes choose a simpler formation path to reduce initial costs and paperwork. This approach can be appropriate for test projects and side businesses that are not expected to take on debt or significant contracts. Even in these circumstances, it is wise to document agreements among owners and maintain basic insurance to manage potential liability. If the business starts to attract customers, employees, or larger contracts, formal formation should be revisited promptly to protect owners and the operation.
Why a Comprehensive Formation Plan Benefits Growing Businesses:
When Planning to Raise Capital or Add Investors
A comprehensive formation plan becomes important when the business intends to seek outside funding, issue ownership interests, or add investors. Proper formation and well-drafted ownership documents create clarity for potential investors, define investor protections, and prevent future ownership disputes. Robust documentation also demonstrates organizational maturity to lenders and partners, making it easier to negotiate financing terms and strategic agreements. In Tennessee, clear records and appropriate entity selection can influence tax treatment and investor expectations, so a detailed approach protects both the company and its owners during growth stages.
When Operations Will Involve Significant Contracts or Employees
When a company plans to hire employees, enter into substantial contracts, or operate in regulated industries, a thorough formation process helps manage risks and compliance obligations. Proper structure, employment policies, and contractual templates protect the organization and its owners, while ensuring that payroll, tax withholding, and liability concerns are addressed. Comprehensive services also include drafting buy-sell provisions and succession plans so that major events such as departures, sales, or disputes are handled according to prearranged terms, preserving business continuity and protecting long-term value.
Benefits of a Thorough Formation Strategy
A comprehensive formation strategy delivers clearer internal rules, stronger protections for owner assets, and a foundation for consistent recordkeeping and compliance. It reduces the likelihood of costly disputes by documenting ownership divisions, decision-making authority, and procedures for change. This clarity supports relationships with banks, vendors, and potential investors by demonstrating that the business is well organized. Thoughtful formation also anticipates tax implications and registration needs so owners can plan for payroll, sales taxes, and other obligations without surprising liabilities.
Beyond paperwork, comprehensive formation helps a company scale responsibly by creating processes for governance and performance that align with growth objectives. Founders who invest time in drafting clear agreements and establishing operational norms can avoid ambiguity as the business adds staff or partners. This approach also streamlines onboarding and decision-making, enabling leadership to act confidently and consistently. Overall, a well-documented foundation reduces administrative friction and positions the business for future opportunities and responsible expansion within Tennessee and beyond.
Stronger Asset Protection and Defined Owner Roles
One primary benefit of a comprehensive formation is the clearer separation between personal and business assets, which helps reduce individual exposure to business liabilities. In addition, documented roles and responsibilities provide a framework for decision-making, allowing owners and managers to operate with defined authority and expectations. This structure supports consistent governance and reduces the likelihood of internal conflicts. When ownership rights and duties are written down, the business is better equipped to handle growth, respond to legal inquiries, and maintain the records that lenders and regulators expect.
Improved Readiness for Financing and Transactions
A business that is properly formed with clear governance and complete records is more attractive to lenders, investors, and strategic partners. Well-prepared formation documents show that the company follows formal processes and is ready for due diligence associated with financing or sale transactions. This readiness can accelerate negotiations, foster trust with third parties, and potentially improve financing terms. Comprehensive formation work also ensures that the business’s legal structure supports the desired financial outcomes and simplifies transitions during mergers, investments, or ownership changes.
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Practical Tips for Smooth Business Formation
Choose a Structure with Future Needs in Mind
Consider not only immediate tax and liability considerations but also future plans for investment, hiring, and potential sale. Selecting an entity type that aligns with your projected growth path reduces the need for later restructuring and associated costs. Think through how you want decision-making to work, how profits will be shared, and how ownership transfers will be managed. Taking these factors into account during formation saves time and resources over the life of the business and helps prevent governance gaps that can disrupt operations as you scale.
Document Owner Agreements Early
Maintain Good Records from the Start
From formation filings to meeting minutes, keep organized records that demonstrate compliance with state requirements and business formalities. Clear documentation supports tax reporting and adds credibility when seeking financing or negotiating contracts. Maintain separate bank accounts and financial records for the business to preserve liability protections and simplify bookkeeping. Regularly update corporate or LLC records to reflect changes in ownership, management, or address so filings remain accurate and the company can continue to benefit from its chosen structure.
Why Woodbury Business Owners Choose a Formation Service
Business formation services save founders time and reduce uncertainty during a busy startup phase. They handle state filings, drafting of governing documents, and registration for tax accounts so entrepreneurs can focus on operations, customers, and product development. Proper formation also reduces the administrative burden of learning state-specific requirements and deadlines. For new businesses in Woodbury, having an experienced local partner guides the process and ensures that filings comply with Tennessee regulations, helping the company avoid missed deadlines and potential penalties.
Using a formation service also helps founders plan for the long term by identifying potential liability exposures, recommending insurance and recordkeeping practices, and creating documents that support growth. These services can recommend practical strategies for balancing tax advantages and governance needs while explaining the implications of each decision in plain language. For business owners who want a foundation that supports expansion and reliable operations, formation assistance provides the structure and documentation that create stability during the critical early stages.
Common Situations Where Formation Assistance Is Helpful
Owners commonly seek formation help when launching a new venture, entering into a partnership, preparing to hire employees, or planning to seek financing or grant contracts. Formation services are also useful when an existing business wants to change its structure to reduce liability or improve tax treatment. Additionally, local compliance matters such as obtaining business licenses, registering for sales tax, and designating a registered agent often prompt owners to ask for formation support so filings and registrations are completed accurately and on time.
Launching a New Small Business
When launching a new small business, founders face a host of decisions about structure, registrations, and governance that affect daily operations and long-term outcomes. Formation assistance provides a roadmap for these decisions and helps ensure that filings are made in the right order. This support includes reserving a business name, preparing articles of formation, and drafting an operating agreement or bylaws. By addressing these items up front, the business starts with a clean legal and administrative foundation that supports future planning and growth.
Bringing on Partners or Investors
Adding partners or investors changes the dynamic of ownership and can introduce complexity around decision-making, profit distribution, and exit rights. Formation services help draft agreements that define investor rights, capital contributions, and conditions for transferring ownership. Clear written terms protect all parties by specifying expectations, dispute resolution methods, and procedures for buyouts or dilution. Well-documented arrangements make fundraising smoother and provide a reliable framework for managing relationships as the business grows.
Transitioning from Sole Proprietorship to an Entity
When a sole proprietor wants to reduce personal exposure or pursue larger contracts, transitioning to an LLC or corporation formalizes the business and separates personal assets from business obligations. The transition involves filing formation documents, opening business bank accounts, registering for applicable taxes, and transferring assets into the new entity. Formation services guide owners through these steps to ensure continuity of operations and proper documentation, limiting disruptive administrative tasks and reducing the risk of accidental commingling of personal and business finances.
Business Formation Support in Woodbury, Tennessee
Jay Johnson Law Firm provides formation support tailored to Woodbury and the surrounding areas of Cannon County. We help clients complete state filings, prepare organizational documents, and register for tax accounts so businesses can begin operations efficiently. Our local knowledge includes understanding county-level permits and registration processes, which can speed the path from idea to operation. We work with owners to create a formation plan that fits the company’s goals and ensures that essential administrative tasks are handled promptly and correctly in Tennessee.
Why Choose Our Firm for Business Formation in Woodbury
Clients choose our firm because we combine practical formation processes with clear communication about the legal and administrative steps involved. We help identify the most appropriate structure based on ownership goals, tax considerations, and anticipated operations, and we prepare formation filings and governance documents that protect owner interests. Our service includes guidance on local licensing, registered agent requirements, and tax registrations so that all initial compliance tasks are addressed in a coordinated way.
We prioritize responsiveness and clear timelines when handling formation matters. From reserving a business name to filing articles with the Tennessee Secretary of State, we maintain communication throughout the process so owners know what to expect and when. Our goal is to reduce administrative friction and allow founders to focus on product, service development, and customer relationships while the legal and filing details are handled efficiently and accurately.
In addition to formation filings, we help clients prepare the ongoing documentation and recordkeeping practices that maintain the benefits of the chosen structure. This includes drafting operating agreements or bylaws, advising on initial corporate actions, and establishing the record templates that support future financing, contractual work, and potential sale events. By establishing these practices early, owners protect business operations and preserve options for future strategic decisions.
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Our Business Formation Process
Our process begins with a focused consultation to understand business goals, ownership expectations, and operational needs. We then recommend an appropriate entity, prepare and file formation documents with the state, draft governing documents tailored to the business structure, and assist with tax registrations and local licensing. Throughout, we coordinate deadlines and maintain organized records so owners have clear documentation. This structured approach ensures formation tasks are completed in the proper sequence and sets the company up for reliable compliance and growth.
Step One: Initial Consultation and Planning
The first step is a comprehensive conversation about the nature of the business, ownership structure, expected revenue, hiring plans, and funding needs. This planning session identifies the formation option that best aligns with the owner’s goals and outlines required filings and documents. We review naming rules, registered agent selection, and anticipated compliance obligations so clients have a clear roadmap. Planning at this early stage reduces later surprises and ensures the formation steps proceed smoothly and efficiently.
Discussing Business Goals and Ownership Structure
We work through ownership expectations, management roles, and how profits and losses should be shared among owners. This discussion clarifies whether a pass-through tax structure or a separate corporate tax treatment better fits the client’s plans. It also addresses how decision-making will be handled and whether buy-sell provisions or transfer restrictions should be part of the initial documents. These conversations set the foundation for drafting practical governance documents that reflect the unique needs of the business.
Choosing a Name and Registered Agent
Selecting a compliant business name and designating a registered agent are practical early tasks that ensure state filings will be accepted. We verify name availability with the Tennessee Secretary of State and discuss options for maintaining an in-state point of contact. The registered agent must be available to receive official notices, and selecting the right contact helps maintain good standing. Taking care of these administrative items at the outset reduces the risk of delays when filing formation documents.
Step Two: Preparing and Filing Formation Documents
After planning, we prepare the necessary formation documents tailored to the chosen entity type, including articles of organization or incorporation and any required state forms. We ensure that filings meet Tennessee requirements and submit them to the appropriate state office. Along with filing, we prepare internal documents such as operating agreements or bylaws that address ownership, management, and transition procedures. Proper preparation at this stage minimizes follow-up corrections and creates a clear record of the company’s origin.
Drafting Articles and Submission to the State
We draft the state documents with the required information and review them for accuracy before submission to avoid processing delays. This includes confirming the business name, registered agent information, and company address. Once filed, the state issues confirmation of formation and the entity becomes a recognized legal entity. We then provide owners with the certified formation documents and guidance on immediate next steps for organizational meetings and initial recordkeeping.
Creating Internal Governance Documents
Along with state filings, we prepare operating agreements, bylaws, and ownership records that describe how the business will operate day to day. These documents address management roles, voting procedures, profit allocation, and mechanisms for resolving disputes. Having these internal documents in place at formation reduces ambiguity among owners and provides a documented procedure for future changes in ownership or leadership. Clear governance supports stable operations and prepares the company for growth.
Step Three: Post-Formation Compliance and Ongoing Support
After formation, there are ongoing obligations such as maintaining records, filing periodic reports, registering for state tax accounts, and following corporate formalities. We assist owners with these tasks and provide templates for meeting minutes and resolutions. Ongoing support also includes guidance on employment registrations, sales tax accounts, and updates to formation documents when ownership or operations change. Staying current with these responsibilities helps maintain the legal protections and benefits of the chosen business structure.
Registering for Taxes and Licenses
We help new businesses obtain employer identification numbers, register with state tax agencies, and identify any occupational or local licenses required in Woodbury or Cannon County. Proper tax registration ensures payroll withholding, sales tax collection, and other obligations are handled correctly from the start. We provide guidance on periodic filings and estimated tax responsibilities so owners avoid penalties and keep account statuses in good standing with state and local authorities.
Maintaining Records and Corporate Formalities
Maintaining accurate records, holding required meetings, and preserving documentation of major decisions supports the legal benefits of the chosen entity structure. We provide owners with templates and checklists to document annual meetings, member actions, and changes in ownership or management. These practices create an audit trail that supports credibility with banks, investors, and regulators and helps ensure the company meets ongoing Tennessee compliance requirements, preserving its organizational integrity over time.
Frequently Asked Questions About Business Formation
What is the difference between an LLC and a corporation?
An LLC typically offers flexible management and often allows for pass-through taxation where business profits and losses are reported on owners’ individual tax returns. Corporations have a more rigid structure with directors and officers and can elect different tax treatments. Corporations can be attractive when issuing stock to investors or when planning for certain types of investor structures. Both forms offer liability separation between the business and owners, but they differ in governance, recordkeeping, and certain tax implications that affect long-term planning. Choosing between them depends on goals for growth, financing, and management. For small, owner-run companies that prioritize operational flexibility and simplified taxation, an LLC often fits well. For organizations seeking outside investors or more formal governance, a corporation may be the better route. Evaluating anticipated capital needs, management structure, and tax considerations will guide the right choice for a Woodbury-based business.
How long does it take to form a business in Tennessee?
Processing times vary based on the state office workload and the accuracy of the submitted documents. In Tennessee, filings may be processed within a few business days when submitted electronically, but it can take longer during busy periods or if corrections are needed. Expedited filing options are sometimes available for additional fees, which can shorten the time to receive certified formation documentation. Beyond state processing, additional time is needed to draft internal documents, register for tax accounts, and obtain local licenses. Allowing time for planning and paperwork ensures that the business starts with a complete compliance picture, so owners should plan for several days to a few weeks to complete the entire formation and post-formation setup.
Do I need a written operating agreement or bylaws?
While Tennessee may not require a written operating agreement or bylaws in all cases, having these documents is strongly recommended because they outline governance, ownership percentages, profit sharing, and procedures for major decisions. A written agreement reduces the risk of misunderstandings and provides a clear process for resolving disputes among owners, managing transfers, and handling successor situations. These documents are particularly important when there are multiple owners, outside investors, or plans for expansion. They also serve as a record for banks and potential lenders during financing discussions, providing evidence of the company’s internal procedures and decision-making framework that supports operations and credibility.
How much does business formation usually cost?
Costs for formation include state filing fees and any professional fees for drafting governance documents or providing registered agent services. Tennessee charges filing fees for articles of organization or incorporation, and additional services such as expedited processing, federal tax registration, and local licensing may increase total costs. Upfront professional assistance can help avoid mistakes that might require re-filing or corrections and create savings over time. Budgeting for both the mandatory state fees and the expense of preparing operating agreements or bylaws is prudent. While some owners choose to handle filings themselves to reduce immediate costs, professional support often reduces the risk of errors and provides documents that protect owner interests, which can be financially prudent in the long term.
What is a registered agent and do I need one?
A registered agent is the person or entity authorized to receive official legal and tax notices on behalf of the business. Tennessee requires a registered agent with a physical address in the state. The role ensures that important communications and service of process are delivered promptly so the company can respond to legal and administrative matters in a timely fashion. Many businesses name an individual owner or hire a professional registered agent service to receive notices during normal business hours. Using a reliable registered agent improves compliance and ensures that critical deadlines are not missed, helping to maintain the company’s good standing with the state.
Can I change my business structure later?
Yes, it is possible to change a business structure later, such as converting an LLC to a corporation or reorganizing a sole proprietorship into an entity. The conversion process involves additional filings, potential tax implications, and updates to governing documents and records. Planning the change carefully helps minimize administrative disruption and avoid unintended tax consequences. Because conversions can be complex, many owners consider initial structure choices with an eye toward future changes. If a change becomes necessary, a coordinated approach to filings, tax registrations, and updates to internal agreements ensures continuity in operations and helps protect owner interests throughout the transition process.
Will forming an entity protect my personal assets?
Forming an LLC or corporation generally helps separate business liabilities from personal assets, reducing the chance that creditors of the business can reach owners’ personal property. This separation depends on observing formalities such as keeping separate financial accounts, maintaining clear records, and following the company’s internal governance rules. Failing to maintain these separations can jeopardize the protection that formation provides. Liability protection is not absolute; personal guarantees, certain tax obligations, or wrongful conduct can still expose owners personally. Proper formation, good recordkeeping, and appropriate insurance together form a layered approach to protecting owners, while helping ensure the business operates within legal expectations in Tennessee.
What local licenses or registrations will I need in Woodbury?
Local licenses and registrations vary depending on the nature of the business and the county or municipal requirements. In Woodbury, some businesses may need an occupational license, health permits, or zoning approvals before opening. It is important to check with Cannon County and municipal offices to determine specific requirements and avoid opening without necessary permits. Our formation process includes identifying likely local licenses and providing guidance on how to obtain them. This prevents unnecessary delays and ensures the business meets local rules from the first day of operations, making compliance straightforward for owners starting their ventures in the area.
Do I need to register for Tennessee state taxes after formation?
After formation, most businesses must register with state tax authorities for sales tax, employer withholding, and other relevant accounts. Registering early ensures payroll taxes are properly withheld and sales taxes are collected and remitted when required. Failure to register and comply with tax obligations can result in penalties and interest, so timely registration is an important post-formation step. We help new businesses identify which tax accounts apply and assist with registration. This includes guidance on periodic filing requirements and estimated tax obligations so owners understand when to make payments and how to remain current with Tennessee tax authorities.
What should I bring to my initial formation consultation?
For an initial formation consultation, bring basic business information such as the proposed name, the planned ownership structure, contact details for owners, and a description of the intended business activities. If there are existing agreements, financial projections, or draft contracts, bring those so they can be reviewed during planning. Having clarity about goals for hiring, funding, and growth helps tailor the formation approach to the venture’s needs. Providing details about anticipated investors, key partners, or potential contracts also helps identify specific provisions that should be included in governance documents. The more information available at the first meeting, the more effectively formation planning can address immediate needs and future objectives for the business.