What's your best legal advice for a small business owner?
To help small business owners get legal advice, we asked legal experts this question. From hiring an accountant early to researching potential liabilities, several legal tips can help you run your small business successfully.
Here are five legal tips for small businesses:
- Hire an accountant early
- Don't wait to get your Employer Identification Number
- Take proactive steps to prevent workplace injuries
- Get all agreements in writing
- Beware of possible liability
Hire an accountant early
It is extremely important to start working with an accountant in your business as soon as possible. The last thing you want to do is get yourself into financial or legal trouble because of bad bookkeeping. There is a plethora of rules and regulations to follow, as well as frequent changes and additions to existing regulations. An accountant will help you stay on top of things and make sure you are meeting all of your financial obligations as a small business owner.
Mark Pierce, Cloud Peak Law Group
Don't wait to get your Employer Identification Number
A Federal Tax Identification Number or Employer Identification Number (EIN) legally allows you to take any necessary steps to grow your business. Don't waste a single day before taking this step. Don't give the Internal Revenue Service a reason to report you and your business. Obtaining an EIN allows you to hire employees, pay federal taxes and file returns, apply for a business license, open a bank account, operate as a corporation, and enjoy a tax-advantaged retirement plan. Apply for an EIN on the IRS website. Consult a business lawyer before beginning the process so that everything is done correctly.
Alan Ahdoot, Adamson Ahdoot's Law
Take proactive steps to prevent workplace injuries
Business customers are considered "guests" who owe some protection from unsafe conditions that may exist in business establishments. Entrepreneurs or property managers have a duty to exercise due diligence to keep operations in a safe condition. A business owner can protect themselves by taking steps to address any hazards that may be present, or by warning guests of the condition (e.g., wet floor signs). Although the hazard causing the injury may not be obvious, the owner may still be held liable if the condition could or should have been discovered through reasonable inspection or maintenance; the legal term for this is "constructive knowledge". Business owners should employ standard operating procedures that require regular maintenance and cleaning, document the procedures, and then properly secure them. The real benefit of this practice is to limit injury to guests on and off premises and protect against unforeseen incidents.
Byron Kennedy III, Law Firm of Tripp
Get all agreements in writing
As a lawyer who has seen too many small businesses end up in needless litigation, the only advice I offer to all business owners is to get all agreements important to your business in writing. Without exceptions. While written agreements do not solve all potential business problems, they greatly reduce the risk of future litigation.
Bobby KlinckBobbyKlinck.com
Beware of possible liability
Personal injury claims can come from the strangest of places. Nobody likes to think about being sued, but it's always a possibility, no matter how you run your business. Therefore, it is important to proactively identify potential risks and take steps to mitigate them. Companies should also have good insurance cover to protect themselves from the financial burden of a lawsuit in the event of an accident.
Charles Scholle, Loi Scholle
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