A: Here are some legal essentials that can help protect your growing business:
- Register your business: Registering your business with the state legitimizes your business for both you and your consumers, gives you the ability to apply for grants and loans, and having a registered business will allow you to receive an employer identification number (EIN), which means you can establish business bank accounts.
- Create business bank accounts: This helps protect your personal finances if someone decides to file a lawsuit against your company. It also allows you to keep track of your expenses and establish a budget for your business.
- Use strong contracts: It’s important to establish an agreement between you and your customer, and have protection should a problem ever arise.
- Complete an estate plan: You had to know this was coming! A solid estate plan will make provisions for your business after your passing. Having a plan keeps you in control and makes sure that your business is taken care of!