How important is your business entity to you? When I tell you it is the shield standing between the business owner and the rest of the business world, I am not exaggerating.

Way back in the ice age, when you formed that corporation or limited liability company, you made that decision for at least one very important reason: protection for you and your personal assets from the hostile vagaries of a litigious business world.

When your lawyer filed those Articles of Organization and sent you a copy, they came with a friendly warning: Once a year, you need to file an Annual Report with [and pay the fee to] the Secretary of State to keep the entity in "corporate good standing."

For corporations, that date rolls around every March 15; for LLCs, it's the anniversary date of the original filing. Even better, technology has made it easy to file… on-line, with a credit card for payment [almost as easy as your latest impulse buy from Amazon!].

Too many business owners, however, have found that the corporation or LLC has been "involuntarily dissolved" for failure to file those annual reports [often, just at a time when they need to have their documents in order and up-to-date]. You just can't close on that new line of credit, for example, without proving to your bank that you are, indeed, in good standing with the Secretary of State.

What are the implications of "involuntary dissolution?"

• Technically, the assets AND liabilities then rest in the owner's personal name… just what they formed an entity to avoid!

My client portfolio is diverse. Many of my successful clients run professional service firms providing a broad array of services from marketing, communications and PR; to technology consulting; to financial products; to child care; to graphic design and printing; to executive coaching; to — well, you get the picture.

To judge by the number of contracts they are sending my way for review, they are doing very well. But, business people can always use another idea. Here's one I recommend…

If you're tired of the 30-second elevator pitch that has become the standard when selling your professional service, take a page from Daniel Pink in his book, "To Sell is Human: The Surprising Truth About Moving Others." In it, Pink explains that there are many more ways to share with others what it is that you do, and in a way that they will understand how you can help.

One of those ways is to tell a short story about your work. And, an easy way to do that is to follow Pink's simple script (and practice, practice, practice): Start with [then fill in the blanks in a meaningful way that illustrates how you and your service help others]: "Once upon a time, _________. Every day, ________. One day _______. Because of that, _______. Because of that, _______. Until finally, __________."

Try it… it's fun and illustrative.

Widett and McCarthy specializes in advising small business owners in the area of contracts. Whether reviewing a contract for services with your customer, negotiating a lease with your landlord or finalizing financing documents with your lender, we make sure your best interests are protected.

In addition, and for those clients whose successful growth requires a more comprehensive relationship, we act as "general counsel:" On-call when you need us as a sounding board, legal advisor and strong right hand.