Legal Tips Small Business Owners Need to Know
By Attorney Robbie Crosier
Starting and running a small business involves more than just business acumen and hard work. Legal considerations often take a back seat, but they are crucial for sustainable success. This comprehensive guide by Crosier Law Firm will walk you through key legal tips every small business owner should know.
Choose the Right Business Structure: LLCs, Partnerships, and Corporations
The first step is selecting the appropriate business structure. Your choice will have implications for taxes, liability, and governance. A Limited Liability Company (LLC) is often suitable for small businesses because it offers liability protection without the complications of a corporation.
Business Licenses and Permits
Not all businesses require the same licenses. Failing to obtain necessary permits can lead to hefty fines. Consult with an expert Dallas business attorney to ensure you're in compliance with local, state, and federal regulations.
Contracts and Agreements: Written Over Verbal
Always make business agreements in writing. Verbal agreements are difficult to enforce. Whether you're dealing with vendors, employees, or customers, written contracts provide clarity and legal protection.
Intellectual Property: Trademarks and Copyrights
Protect your business name, logo, and other branding assets by registering them as trademarks. Similarly, any original content should be copyrighted for full protection.
Employment Law
From the moment you hire your first employee, you're subject to employment laws. Ignorance is no excuse; understand your obligations regarding minimum wage, benefits, and workplace safety.
Taxes and Record-Keeping
Proper accounting and record-keeping are essential. Failure to maintain accurate records can result in audits, penalties, and damage to your business reputation.
Liability and Insurance
Business liability can be complex. Protect your personal assets by understanding the types of liability your business may incur and by obtaining appropriate insurance coverage.
Legal Compliance
Regularly review your business operations to ensure you're in compliance with the law. This includes everything from zoning laws to online marketing practices.
Get Legal Advice: Why You Need a Business Lawyer
The complexities of running a small business often necessitate legal guidance. Retaining a small business attorney can help you navigate legal challenges and focus on your business.
At the Crosier Law Firm, we specialize in business formations, trademarks, and contract drafting/review. Our team offers strategic representation and comprehensive assistance, ensuring your small business is legally sound and poised for success.
