Entrepreneur Resources Your source for small business information
Owning a small business or a startup can be an extremely stressful job. Your primary focus is on making a profit and getting your product or service out there in the public eye to drum up an interest in your service. It’s a high pressure situation which needs your utmost attention. However, due to your time being taken up by these important tasks, it is sometimes all too easy to fall into legal traps which businesses should avoid. You need to keep your hand on the task at hand, but also keep your business legal. Here are some top tips to help you do that.
Get All Agreements In Writing
As a small business, meaning you likely don’t have a team of lawyers on retainer, you really need to back yourself up wherever possible. By getting everything in writing and signed you have physical evidence of the agreements made. So if someone tries to take you to court you’ll have evidence declaring what you actually said you would do. As long as do as you’ve written you’ll always be covered. There are many ways to write a business contract and they certainly shouldn’t be overlooked as they’re a powerful shield.
IT Compliance
Companies literally run off computers and technology these days. The internet is the driving force of many sales and marketing campaigns which define a company’s success. We store all of our business and employee data on servers or computers for pure ease. But with all of this comes regulatory compliance. There are various rules, especially when you’re holding employee data like bank account details etc. Your business comes under data protection laws and if your IT security systems aren’t in place and they’re somehow breached you’ll be in big trouble. You should use an IT specialist company who can help you stay compliant and keep your systems optimized, such as ProviDyn, Inc.
Tax
We all hate tax, yet it needs to be paid. When you have your own company paying tax can be tough, you need to assess all your income, work out what bracket you fall in, research if you’re entitled to any tax breaks, the list goes on. If you have the time and your savvy this can be quite easy, it’s not too much of a daunting task, but you do need to make sure you get it spot on, otherwise you’ll be in trouble and likely have to pay a large debilitating sum further down the line.
Keep Your Workplace Legal
If you operate out of an office or a different kind of premises then you need to keep that legal and safe for all who work or visit there. If you operate a food business such as a restaurant then there are countless rules and regulations you need to follow in line with food safety years. Any normal business needs to have appropriate fire safety, E.G fire exits and procedures in place, and also simple things such as rules concerning trailing wires. Keep a rule book and ask your employees to sign it once read. This shows due diligence and if anything goes to court proves you did your best to keep everyone safe. Mistakes happen, it’s just about covering yourself as much as you possibly can.
