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Issue 255
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One of my favorite pastimes is watching the TV series, Law and Order. But in my real personal and business life I want to steer clear of the courtroom. How about you?
Running a business can be an exciting and profitable endeavor. You can avoid some of the pitfalls of business by following these tips for staying on the positive side of the law.
1. Set up your business entity properly.
It’s well known that a corporation status gives you certain liability protection and may even have tax benefits over sole proprietorship. But only consultation with a lawyer can help you decide which is best for you.
2. Follow your city, county and state guidelines.
The size, location and structure of your business may put you in a different category from another type of business. Certain businesses may be able to operate from home, while another may have restrictions. That’s why it’s important that you investigate these guidelines before investing money in your business.
3. Avoid engaging in risky practices.
Every business has potential troublespots that you will want to avoid. In the gift basket industry, for example, there are very strict laws regarding the sale of alcoholic beverages. It’s not worth the potential fines and punishment to take a chance putting a bottle of wine in a basket if you don’t have the proper licensing.
4. Use appropriate documents and policies on and off the Internet.
While having enough insurance coverage for your business, it’s equally important to have written terms of service, policies, and disclaimers. While you can customize documents that are already available, the ideal source for documents tailored for your business is your own lawyer.
5. Keep abreast of changes in your industry and in business.
By keeping track of certain agencies you will be on top of changes that affect your industry. Most federal and state agencies have local offices. But checking the websites can be helpful as well. A few of these are
Small Business Administration
U.S. Food and Drug Administration
Federal Trade Commission
The advice I’ve shared here is based on my experience and reading, not any legal qualifications. I am not a lawyer, but Robin Gronsky, small business attorney, is. Listen to what she shares when she was interviewed by Shirley George Frazier on the audio CD “Legal Tips to Keep Your Company Out of Court.” Protect yourself and your business by finding out and acting upon what Robin says about
- What types of insurance every product-based company must have
- How choosing a business name that someone else legally uses costs you time and money
- What to include in partnership agreements so you’re not holding the bag after the split.
- Why online companies with disclaimers written in small type can still bill your credit card even if you no longer want the service.
- Why sample contracts find in books won’t cut it in court.
And much more.
Order your copy of the audio CD “Legal Tips to Keep Your Company Out of Court,” now by midnight, Tuesday, June 30th and receive the following bonuses:
- one of our most popular CDs, “Low-Cost Secrets to Landing Corporate Accounts” (valued at $37, will be shipped with your order)
- a special report, “How to Run a Successful Home Based Business” (will be sent by email)
The midnight Tuesday, June 30th deadline is firm for this special offer, so act now.