If you are an entrepreneur and running your own business, you likely have a crucial role in your business’s growth and success. You are leading your business and playing the role of a salesperson, customer representative manager, developer, and project manager. Although you can hire employees or outsource specific functions, you need to maintain a check on all these positions yourself. Even if you are working as an owner of a tiny business, you will never be free from the liability of following the law. Every company must abide by the direction of the registering state irrespective of the size of the business. Even if you have started a small-scale business or are currently establishing your business, you must know how to handle legal issues. You do not need to hire a lawyer at an initial level. However, it would help if you acquired all the knowledge regarding business laws. Here are five ways to help you protect your small business against any legal fallout.
Always Make Agreements in Writing
Trusting your clients and other business stakeholders is especially important at the initial level because you are new to the business industry. However, many owners get manipulated later, as you signed no contract or written agreement at the initial level. Whenever you start working with another agent, whether they are a service provider, client, business partner, or an employee, it is recommended that you sign a written contract that includes all the terms and conditions. By doing so, you will resolve all upcoming disputes as you will mention everything in the arrangements.
Keep All Paperwork Updated
Once you finish all the contracts and paperwork, the next crucial task is to file and assemble your papers carefully. A business needs to have a proper bookkeeping system that updates all the data whenever you make any changes. Outdated paperwork is of no use for a business as missing data creates confusion. For example, your company has paid taxes and documented all the tax documents. However, you need to update the previous document and records every time you pay your business taxes. This is a troublesome and lengthy process, so one can hire an accountant or bookkeeper if they have enough resources.
Research and Learn about the Prevailing Laws
You may not be a professional lawyer, and therefore, at times, you may make legal mistakes that you are not aware of. Hiring a permanent lawyer for your small business is not a necessity. However, entrepreneurs can enhance their legal knowledge, which pertains to their business industry and business size. There is plenty of information available on multiple legal business websites, such as the US small business administration domain.
According to the Small Business Administration website of the United States, we have mentioned a few essential points that every small business owner should know below.
- Registering Intellectual Property, Copyrights, and Trademarks
- Financial laws
- Employment and Labor laws
- Marketing and Advertising laws
Register your Intellectual Property
If your business has an online existence or your business type is e-commerce, intellectual property is significant. The reach of an online business is far better than a local business, and you need to protect all your business identities, such as logos, design, and ideas, by registering your intellectual property. There is an outstanding line between developing creative content and plagiarizing another person’s content. Unfortunately, suppose you have not registered your business trademark and have not reserved copyrights of your business. In that case, another individual can copy your content, report it in their business name, and file a lawsuit against you.
Get Professional Legal Advice
When it comes to setting up legal formalities of your business, there is nothing more important than this. Suppose you are confused about setting up a legal contract for your business and are unaware of your business’s essential terms and conditions. In that case, you should enlist the help of a professional lawyer. The lawyer will not only read your business’ situation, but they will even protect your business interest while giving you needed legal advice.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.