Growing a business can be very exciting. The thrill of gaining customers (and business savvy) on your own terms can be empowering, liberating and scary at the same time. Let’s face it, striking it out on one’s own is not for everyone, and there are certain issues that can keep even the most driven entrepreneur up at night.
After all, if a problem significant enough to destroy your business is not addressed, it is only a question of when you will have to deal with them, not if. With that we offer this post so that you may avoid these issues.
How can I protect my personal assets? – Arguably the best way to protect your personal assets is to establish a corporate entity for your business. However, you must know that creditors can pierce the corporate veil and hold you personally liable for debts created for the corporation. So to protect your personal assets, it is critical to avoid commingling personal and corporate assets.
How important is paying my payroll taxes? – Paying payroll taxes (e.g. Social Security, Medicare, state income taxes, etc.) is a fundamental responsibility that all employers have. If you fail to make your payroll taxes the Internal Revenue Service will come down hard on you. So if you want to avoid sleepless nights, make sure to have a payroll processing company in charge of your wage distributions.
If you have questions about other legal issues that keep you up at night, an experienced business law attorney can help.