For entrepreneurs and small business owners alike, owning and operating a small business is an incredibly rewarding experience. However, with these positions also come legal responsibilities that must be kept in mind at all times.
Keeping Proper Records
For small businesses, it is imperative that a well-organized system of recordkeeping be instilled, which includes tax records, employment records, any contracts your business may have, etc. Not doing so means you are running the risk of missing out on any future acquisitions because you may not be able to properly present the assets and liabilities of your company. You can also set yourself up for liability of any debts your company has if you do not have the paperwork you need to prove otherwise. Get to know each and every document that is required of your company and be diligent on when and if any need to be renewed and when your bills and taxes need to be paid. Keep these documents well organized and in a safe place.
Creating Employment Agreements
Make sure your rights are protected as a small business owner by creating a non-compete agreement contract for your employees. Not doing so means you are running the risk of an employee leaving your company to create a competing company, and also means you will miss out on acquiring any intellectual property from your employees. Create an employee agreement form for all new employees to sign immediately upon employment, and use the same form for any independent contractors your company may hire.
Consulting with a Legal Professional
Consulting with a legal professional in regards to any business-related contracts, forms, etc., is often seen as an unnecessary expense by many small business owners, who instead choose to rely on documents found on the Internet. While this may seem like an effective cost-cutting method, in reality it is one that could cost much more in the future. Using information from unreliable sources is very dangerous when it comes to the legalities of your business. Always consult with a legal professional to make sure your company and its rights are properly protected at all times.
Our team of dedicated attorneys is here to help keep your small business in compliance. Contact us to get started.