Question

if a business owner adds investors to the business, they first need to:
update the filing with the managing government entity who regulates businesses locally
consult an attorney to draft proper contracts and calculate the risk investors can introduce
figure out how much they can eventually make when they sell the business which will be profitable, for sure
form a board of directors and relinquish all control of the daily management

in business, the term runway refers to the:
time it takes to become profitable
time remaining to operate a business before running out of money
time required to get contracts signed and secure insurance
time it takes to get the product or service to the customers

Explanation:

When adding investors, legal - compliance and risk - assessment are crucial, so consulting an attorney first is important. In business, "runway" refers to the time a company has before it runs out of cash.

Answer:

1. Consult an attorney to draft proper contracts and calculate the risk investors can introduce
2. Time remaining to operate a business before running out of money