Entrepreneurs are individuals who are both busy and passionate. They spend their time focusing on a lot of things, such as spreading their brands and marketing their various services and/or products.
While they take the time to focus on everything to help get their business going, they tend to forget about all of the legal considerations that are involved with running a business, which is something that can end up having a negative impact as a result.
Here are three of the most common legal mistakes that are usually made by small business owners.
Not hiring an attorney
Many entrepreneurs believe that they don't actually have the same types of legal obligations as bigger businesses, and that legal issues will make themselves known only as they scale, meaning that they can bring in an attorney later on. However, this could not be further from the truth. Making this type of mistake can end up costing not just a lot of money, but also potentially the very existence of your company. Prior to launching, take the time to hire an experienced attorney who can help you get everything established from day one.
Not following business tax laws
Tax law is something that's always complicated no matter where your business is or what type of business you have. This means that you should obtain the services of an experienced business accountant, or even install accounting software that will help to maintain all of your records, as well as allowing you to file your taxes when you need to do so.
Not obtaining proper employee documentation
Under federal law, a business is required to have copies of certain forms of documentation on file for each employee. Failing to do this and getting caught can result in consequences such as having to shut your business down, as well as potential jail time.
Starting a Business Successfully Workshop
Date: October 5, 2018, 9:00am
Microsoft Store in the Domain
3309 Esperanza Crossing #104
Austin, TX, 78758
What are the myths and realities of entrepreneurship? How do you plan for success? This workshop will introduce you to the world of small business and guide you to prepare for being a business owner.