Your Legal Obligations as a Business Owner

Your Legal Obligations as a Business Owner

As a business owner, you know that there is a lot of legalese involved in signing paperwork and getting things all in the correct order. When you’re going over your more professional documents, it might be beneficial to hire an attorney to help you go over your paperwork. Whether you think you need it or not, it is a good idea to ensure that you’re crossing all your t’s and dotting all your i’s.

Know what Requires a Notary

Some documents, like contracts, require the stamp of an official notary to be considered legal. If you have no idea where to get a notary stamp, visit your local city hall. They can point you in the right direction.

Modernize Job Descriptions

If this hyper-sensitive world has got you second-guessing whether or not your job descriptions would be considered “politically correct,” give them a once-over with a legal professional.

  • Be sure to avoid gender stereotyping and gender labels. Use “they” and “their” instead of he or she.
  • Do the assigned duties still align with what the job has become today? For example, if your assistant used to file all your paperwork but you have since hired a secretary who does that, do the listed duties reflect that change?
  • Make sure that this is done at least once a year. If it helps, set a calendar reminder on your phone or through Google Calendar.

Money, Money, Money

It is critical when you own a business that you understand what sorts of tax obligations you have. Have you filed your business with the IRS? Does the United States government know that it exists? To avoid being audited (or worse, shut down), keep pristine financial records and understand where your legalities lie.

Your dream of owning your own business is alive and well, but don’t let something legal turn your dream into a nightmare. Know the finer details of entrepreneurship so that you can avoid a lawsuit later on.

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