If you are thinking about starting a business of your own in Georgia after working so many years for others, you might want to take some time to learn about some issues that business owners often encounter. Being an entrepreneur is not always easy, but with the right foundation, principles, structure and resources, it is possible to avoid common legal issues that make it difficult for business owners to focus on their daily operations.
There is no doubt that business owners are very busy individuals. Regardless of how busy you get with your company, do not forget to keep in mind the following legal concerns small business owners should avoid:
Business tax laws
You might not realize it, but owning and running a business comes with certain tax considerations. Tax laws are complicated, especially for entrepreneurs. It is crucial for you to develop good recordkeeping and documentation habits and consider working with a professional accounting firm/software and staying abreast of tax law changes.
Incomplete employee documentation
Federal law requires businesses to keep proper paperwork on their workers to ensure that they are legally authorized to work in the United States. The penalties for not doing so include fines, possible business closure and jail time. Do not cut corners when it comes to documentation for your workers.
Not protecting confidential information
Whether you have one worker or 50, you must take measures to protect sensitive company information that you do not want the public nor your competition to get ahold of. Nondisclosure and non-compete agreements legally bind your workers from disclosing private and confidential information and using it for their own benefit.
Not filing for intellectual rights
Your brand, logo, trademark and reputation all hinge on copyrights, trademarks and possibly patents. Without them, anyone can steal your ideas, creations and ideas and claim as well as use them for themselves. Be sure to examine all options to protect your brand and intellectual property.
The above issues are some of the many concerns you may encounter while running your company. Since problems can occur at any time and are not always in your control, you might find it best to keep an employment law attorney on retainer.