Small business legal issues and laws you need to consider if you are starting or running your own business
Starting your own business is an exciting time. Unfortunately, a lot of small business owners, especially in the early days of their business, do not consider the legal side of managing a small business. In these uncertain times, it is more necessary than ever to ensure you are not neglecting the legalities of owning a small business.
About 64% of small businesses are currently struggling financially. When a small business owner is struggling to make ends meet, it may seem counterintuitive to take on more bills by seeking out legal advice. The fact is, it may be one of the best investments you can make for your small business.
Paying an attorney to provide legal advice can be a great investment because it can help shape how you move forward. Understanding legally what your obligations are, and how to navigate without digging yourself deeper into a hole is essential.
Ideally, as a small business owner, you will enlist the support of an attorney before you ever open up your doors for business. Having an attorney on call that can, at a moment’s notice, be ready to defend your business is vital.
Back To Work and Compensation Cases
According to Freedonia Focus Reports, about 20% of adults in the United States purchase office furniture for their homes in 2020. The mass exodus from the office to remote work affected every industry, but as people are starting to return to work, there is a new issue that small business owners are contending with. Workman comp cases have risen.
An employee being injured on your worksite, whether it is a lower back injury from moving boxes in the supply room or something else, can be a legal issue that becomes costly. There will be tons of paperwork that needs to be filed and, ultimately, you will be put in a position where you may have to defend your business.
Having an attorney on your team that can handle the claim and manage the lawsuit will take the pressure off of you and help to protect your business.
The same type of scenario can be played out if a customer is hurt on your premises. An attorney that specializes in business law can help.
Email is a highly effective communication tool. It is about 40 times more effective at generating new leads than social media. However, not every form of business can be done with email. There are a lot of things that need to be filed using hard copies for your business. From taxes to permits, to licensing requirements all require attention and in many cases require hard copy filing.
One of the most daunting sides of the legalities of small businesses is keeping up with everything that needs to be filed by a specific deadline. Understanding what is due and when is your responsibility. An attorney can help to keep your business on track.
A large percentage of small business owners find their feet being held to the fire because of tax errors. Taking the wrong deductions, missing deadlines, and heaven forbid, missing a payment, can all destroy a small business.
The taxman is never forgiving. Having the right legal advice when it comes to what you can and cannot deduct and what your tax obligations are is critical to the success of your business. For example, we talked about all the people that bought office furniture for their homes during the pandemic shutdowns. If you are one of those generous employers that split the cost or even cover the cost, that is something you can count as a write-off.
Get Familiar With the Laws That Affect Your Business
Every small business owner should have a basic understanding of the laws that affect their business. Additionally, investing in an attorney is always a good investment. It takes a team to succeed.
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