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There are a million and one ways your small business can be sued. There is not enough space within this article to display them all. At this moment Congress is considering various laws that will affect your small business. The laws will determine how your business is taxed. How much of your profits will you be able to keep in the end? Most small business owners do not know the tax code well enough to guard their business against the IRS. You should leave this to the experts because they are trained to interpret it.
One of the most important legal issues faced by a business owner is deciding how to structure their business. Should it be structured as a Sole Proprietorship, Partnership, Corporation, or as a Limited Liability Company? That question has to be answered from the start. Do you want someone to be able to place liens against your personal property as the result of a lawsuit? You could lose your family home. If you choose to form a Partnership, you better know your business partner very well.
Should you hire employees or individual contractors? Your decision can determine how your accounting division must be set up. Do you know how to run a background check on your employees? Getting rid of an untrustworthy employee requires you to follow certain procedures. If those procedures are not followed correctly, that employee can sue you.
What about your clients or customers? Do you think for one minute that they won't sue your business if given the opportunity? Everyone remembers the elderly lady being awarded a million dollars after being burned by a cup of coffee while going through a fast food drive-through window. There are actually individuals who work in groups to stage accidents inside local businesses.
In addition to those legal issues above, your business must be in compliance with the Occupational Safety and Health Administration. Your employee can use this organization to sue your small business. There is also the Family and Medical Leave Act. Employees also have rights under this Act which include the right to retain their benefits when they take leave for a certain period of time.
The legal issues mentioned above are faced by small business owners on a daily basis. If you are truly in business to keep your hard-earned profits, you should set up some type of method to keep your money. A small business legal plan can give you a peace of mind when you are faced with legal issues.
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