Is your small company ahead of the curve when it comes to common legal issues like liability protection, driver compliance, insurance, employees’ relations, and potential tax problems? If not, now is the time to take action and make sure that all the legal bases are sufficiently covered. What kinds of things do entrepreneurs need to keep an eye on? The entire task typically begins with a consultation. Law firms that specialize in corporate and business issues are an ideal resource for getting started. It’s not necessary to spend huge sums to obtain basic advice when you’re just getting off the ground. Let’s take a look at the legal musts for small businesses.
In addition to choosing the right lawyer to help you, it’s also essential to work closely with an insurance industry pro and get proper coverage for tangible and intangible assets. And, if you have employees, it’s imperative to set up a solid set of guidelines for dealing with on-the-job accidents, illness, health plans, and thrift savings programs. There are many areas in which a growing company can use the advice of a competent attorney, but the following are the most common ones.
Use Fleet Management for Perfect Compliance
In transport, it’s essential to know exactly how many hours each driver has logged, how much rest time was taken between shifts, how many miles were driven in each session, and more. Why? Because there are strict legal guidelines about driving time that can cause your company significant problems should you ignore them. Electronic logging devices virtually solve the compliance problem and help managers keep an eye on dozens of data points related to driver behavior and performance. Not only do ELDs record driving time, they also warn you when one or more drivers are getting close to the hours-driven threshold. If you want to learn more about the latest ELD solutions, review a comprehensive online guide that explains how to get the most out of this key piece of fleet management software.
Have an In-Place Team
Decide whether to use in-house legal expertise or outsource the job. By far, new and smaller organizations choose to outsource to local firms that specialize in business and merchant law. Be careful not to procrastinate because if you find yourself facing a lawsuit or liability claim, it’s essential to have a team in place and ready to respond on a moment’s notice. Being legally prepared is one of many tips to fast track startup success because your team can be working on the formalities while you dedicate your time to other essential areas of the business plan.
Be Thorough About Insurance
Business owners can prevent a vast number of problems by getting the right array of insurance coverage in place. Too many owners try to skimp on costs, assuming that they can get by for a few months without one or another category of insurance coverage. Don’t fall into the frugality trap, because weak insurance protection can end up costing a fortune, or even bankrupting your company should a legal claim arise.
Pay Taxes Promptly and Accurately
Be smart and, unless you are an accounting professional, hire a competent CPA who has long experience with business filings. Don’t assume the software will do the job for you because it won’t. Similar to the insurance situation, it’s vital to stay ahead of the curve on taxes, and that invariably means engaging a trusted CPA.
