Like many entrepreneurs before your time, you are embarking on the challenging — yet rewarding — venture to open your very first business in the United States. You have planned everything. You are very eager to push your dream into reality, but before you do so, here are a few more legal tips you may consider handy to guarantee a successful financial venture in the United States.
Distinguish Your Personal Funds from Your Business Funds – One of the most common mistakes of many businesspersons is the mingling of their personal and business funds. Initially, it may look less of a trouble, but studies reveal that this move has been the major cause of a company’s bankruptcy.
Business legal advice recommends business owners to keep personal assets secure and far from being at risk due to corporate actions. Take advantage of the checking system to monitor your cash flow. Never use your business account to pay for personal expenses. Open a separate bank account for your business and avoid spending your business funds for personal expenses. Secure a Federal Tax Identification Number for you business and file the necessary paperwork to cement the structure of your company.
Trademark Protection – Protect your trademark from intellectual property abuse. Register the trademark of the company and feel free to use it in your correspondences and advertising materials. Do not end up realizing too late that another has filed an earlier claim for the rights of a trademark you have been circulating for the past months. It would bring much trouble in your finances because of the legalities that have to be resolved in court. Hire the services of a lawyer trained to register business entities and be a legitimate business in the US.
Be Up-to-Date with Legal Laws in Your City, County and State – Employment law constantly changes. It would help if you have a legal entity assisting you with the contract draft of your employees. Guarantee that all the required benefits of your employees are provided to avoid any grounds of possible employee-employer disputes. This is one of the rarely regarded legal tips in business. However, it has also become one of the downfalls of even experienced companies in the past. See to it that you seek legal advice for most of the business action you wish to fulfill to avoid legal conflicts.
Watchful Eye on the Cash Flow – The life of your business greatly relies on a smooth cash flow. This could only be achieved if all the terms of your trade are clearly stated in the terms and condition. Always give a contract draft to your partner or customer before closing a deal. Let them read it and ensure they understand the agreement. This minute initiative will help save you in court. Establish excellent professionalism both verbally and in print. Treat this as an asset that your customers and clients will admire, while it protects your assets in the future.
Legal Business Registration – The laws of the US for businesses are strictly implemented. If you were caught illegally operating a business then it would result to large penalties. Always prioritize the registration of your company and the submission of all the required documents that will give you license to do business in the US. It may be tempting to avoid taxes, but the IRS is one of the most efficient departments of the government and it would not take them long to spot your business’ non-payment of appropriate taxes. When this happens, it may mean the end of your business accompanied by several penalties that has to be paid.Before entering a business venture or establishing a business in the US, consult your move with Avvo.com. It is the cyber home of over 100,000 expert lawyers that offer free service to the public. Visit the site and read some of the questions posted by other businesspersons. Learn how to legally proceed with your business transactions through its list of legal tips and business legal advice. Do your company a favor. Save time and money and indulge with the wealth of legal information Avvo.com is willing to offer.