How To Avoid 3 Common Legal Mistakes Small Business Owners Make
Disclaimer: This video and accompanying content (blog, Youtube descriptions, etc. herein referred to as “Content”) is for informational purposes only and should not be construed as legal advice of any kind. Jo-Ná Williams and J.A.Williams Law, P.C. assumes no liability for use or interpretation of any information contain in this Episode or this document. This Episode should not be an alternative to obtaining legal advice from a licensed attorney in your state based on the specific facts of your legal matter. Jo-Ná Williams is licensed to practice law in the State of New York only.
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Legal help can be confusing if you run a small business, but in this video you’ll learn about three common legal mistakes small business owners make — and how to avoid them.
1. Business Structure. Should your business be an LLC or S Corp? Get legal help from a lawyer about what option is best for your business, since they can help you figure out what will be best for your taxes as well. Many people think that a lawyer is going to cost a lot of money, but most people would rather pay for solving a problem than preventing one.
2. Protect Yourself And Your Offerings. It’s very important your terms are outlined in something written. Make sure that your contracts have protection for your IP, disclosure of your programs and content, clear terms as to refunds and how to terminate the contract.
It’s also important to make sure your contracts have disclaimers in them. It’s important to have what you are in the contract but even more importantly what you’re NOT. Legal help from an attorney will show you exactly what your contracts and terms should include.
3. Your Business Relationships. An independent contractor’s agreement serves as additional proof that you have this arrangement with the people working for you. In this type of agreement, you should outline their duties, how they are being paid and when.
A non-disclosure clause protects your confidential information, and explains the fact that they’re an independent contractor and not an employee.
And a final bonus tip: If you are in the U.S. and you pay an independent contractor over 0, you’re going to have to issue them a 1099. Make sure you have their W-9 form when they come on-board so you don’t have to try and get it from them later!
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