Entrepreneurs have a great many things to worry about when opening a new business. Besides hiring employees, they may be concerned with a marketing campaign, making sure that inventory arrives on time, and whether the technology in the business works as it should. Among the many concerns that entrepreneurs have, the legal issues surrounding the business may be far down on their list of worries. Nevertheless, legal problems can derail a small business’ success.
Through this post, we will highlight some principal legal issues that new businesses should be concerned with.
How do I protect my brand? – For some businesses, the logos, pictures of slogans that associate a product to customer loyalty are everything. To do that, a business must be smart about how they go about protecting its brand. This involves registering a trademark, and being wary of other businesses that may be replicating its brand.
Can I protect my personal assets? – One of the principal concerns for new business owners is protecting their personal assets. They are likely advised when starting the business that they should create a separate corporate entity that will provide that protection. However, many do not realize that there are certain steps that must be taken to maintain the protection that the corporate shield provides, including keeping proper records, and properly using corporate funds.
How important are taxes? – An entrepreneur has a critical responsibility to collect, report and pay taxes. These taxes include state and federal income taxes, as well as Social Security and Medicare taxes. Failing to do these on a regular basis could lead to substantial penalties.
Source: HuffingtonPost.com, “Three small business legal fears, and how to face them,” Mario Jaramillo, October 25, 2013