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McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street, Cranston, RI 02905-3342
PH: 401.941.2088 - FAX: 401.941.0017
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Business Law And Operation Tips
Small businesses are responsible for over half of all sales in the United States and employ 54.4 million people, which is about 57 percent of the private workforce. This means that these businesses are a huge force in our current economy. If you are thinking of starting your own company, there are some business law and operation tips for small businesses that can help you get off on the right foot.
Keep Agreements in Writing
Any business law professional will tell you that one of the most important things you can do is keep everything important in writing. If you will enter into a contract that will last a year or more, involves the sale of goods valued at $500 or more, or will transfer the ownership of something, then you need a written, legal contract, preferably one that was created by a lawyer. Learn to give receipts for all transactions and receive them as well. These will help you both legally and also when you are doing your taxes.
Start out Small
Sure, as a new company you want to reach for the stars, but do not get yourself into a bind financially by starting out too big, borrowing too much, and signing a rent contract that is too big. The smaller the better when you start out, especially when it comes to borrowing. You can always borrow more later if you need to, or you can allow your future success to fuel your growth.
Keep Your Personal and Company Assets Separate
There are times when the new company has nothing with which to borrow, because it has no credit history. This means that it will have to rely on the owner's credit score in order to borrow. As soon as possible, separate your personal and company assets. Also, keep your company bank accounts and your personal bank accounts separate. This will give you some business law safety if there is a financial problem in the future. Your company can suffer, but your personal finances will be safe.
Watch Workers' Legal Status
Illegal workers are becoming more and more of a problem, and if you hire one for your company, you will be in as much trouble as the worker. Make sure you check the legal status of all workers you hire. You do not want to be paying the IRS penalties if you are caught. It can get complicated when you hire an individual who has the legal right to work in the United States, but is not a citizen. This is when having a business law expert in your court, such as a lawyer skilled in these matters, is vital.
McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street
Cranston, RI 02905
401-941-2088 | Fax 401-941-0017