Many people have a great desire to be self-employed. With unemployment still on the rise, it has become even more popular. Many small business owners start out strong, but do not make it through the first year. Most that make it through the first year still fail within a few years after.
There are many factors that determine those that will make it and those that don’t. Legal situations are one of the many traps new business owners fall into. Consider having a small business lawyer if you really want your new business to succeed. If you are already up and running, consider getting one to keep things running smoothly. Here are a few reasons to make sure you are on board with a lawyer for your business.
Making sure you are incorporated properly will serve you well. Legal responsibilities will vary depending on how your business is incorporated. A business lawyer will guide you through the incorporation process and may even help your business save money.
Although no one likes to mention it, businesses are sued all the time. It may be a situation of neglect. Poor judgment may have been a factor. In many instances, it may be that you never did anything wrong. If you do end up in court, however, you will want to already have a relationship established with a lawyer. Simple mishaps can often be eliminated or your out-of-pocket costs reduced.
Over the years, many types of online businesses have come on the scene. Online enterprises must be careful to follow legal criteria, as they fall under the categories of an online enterprise as well as a small business. If you have a blog or website that is selling products and services, you will need to be compliant with the Federal Trade Commission (FTC). Not being compliant online has cost some entrepreneurs hefty fines and others have been shut down altogether.
One of the categories that has been hit hard over recent years has been the affiliate marketing division. For instance, if a blog or website owner does not have a disclaimer letting readers know that commissions are earned through the site, it is possible they will be hit with fines. This applies whether your business is online or brick and mortar.
Taxes should be at the top of your list of why retaining a lawyer is critical. You are sure to save money if you have professionals on your side that are aware of the benefits you are privy to as a small business owner. A small business has special tax benefits that many accountants will not be aware of unless they specialize in small business taxes.
So, why use small business lawyers? Having a professional on your side will help alleviate bumps along the road when it comes to incorporation, taxes and the possibility of being sued.
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