By: Kim Hemphry
As a business owner, you have certain legal obligations. It’s on you to know what they are and where they apply. Here are some helpful ideas for how to use your knowledge of the law in your favor and potentially save yourself a lot of money, time, or headache. These are five legal pieces of advice that can help your business.
1. Register Your Business
These are the basics of doing business. You need to register your business with the state. The state needs to know who you are, and it’s a good thing to have them on your side. It is also an essential step in many of your legal obligations. Once you have all the details about your business entered into the proper database, you don’t have to worry about it. Registering your business can be expensive, but it’s one of the better investments you can make. You should also register your business with the IRS if you plan to collect sales tax.
2. Establish Business Bank Accounts
You need to establish business bank accounts for the government to deposit funds into. All the business money needs to go into this account. It’s not just for convenience. It is also a requirement to open up a business in the state you are in. It will prevent a user from embezzling funds from your company or doing any number of things they shouldn’t be doing with your money. It also helps if you have a personal business and separate business bank accounts.
3. Use Solid Contracts
You need to use solid contracts for any transactions with an ongoing business relationship. You should be familiar with the terms of the contract, and you should have a lawyer look it over if it is not completely clear. Every business transaction should have a contract used to protect your rights and others’. A written contract is generally easier to prove than verbal agreements or contracts. You should never sign something you do not understand. Get a lawyer to review any contracts you sign to ensure they are correct and free from mistakes.
4. Use A Lawyer When You Need To
Yes, you probably have the knowledge to handle things most of the time. However, there are times that you should go to the professionals and get help with a legal problem. Having Legal and Regulatory Compliance is key. Effective risk management programs involve understanding a combination of legal and compliance obligations, internal and third-parties policies, and day-to-day operations. Sometimes, you don’t understand how contracts work and can’t find a simpler way to describe your business needs. Sometimes it is because you are not sure about your state laws or something else that only a lawyer will help. A lawyer will help you do what is right for your business and make sure you have as few legal problems as possible.
5. Pay Taxes
You need to pay taxes if you want to keep your business alive and well. You should get a tax ID number and ensure all of your transactions are properly kept track of. Every business needs a lawyer because the government is always finding new ways to monitor businesses. You need to stay updated and informed on the latest laws and regulations that affect your company.
In conclusion, as a business owner, you must keep up with the laws that apply to your business. Foyle Legal provides legal solutions for all of your legal needs and can make things easier on you when you have a question or need help with something pertaining to the law. You can consult them for everything from starting a business, getting a patent/trademark, or any number of other situations
About the Author:
Kim Hemphry is a passionate expert in the areas of Legal Matters, learning and education. She has been featured on over 50 leading Legal and education sites and is a modern thought leader in the field. More about her interests and articles on her site – http://kimhemphry.com/.