Mistake #5: Not Getting a Lawyer for your Business As the owner of a business, you would likely never try to do all of your own accounting, computer support, and cleaning – you would probably hire someone. After all, you are there to run the business part of your endeavour – that is what you … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 2)
Mistake #2: Not Having an Operating Agreement (Partnerships and Corporations) An “Operating Agreement” is a contract between the founders of the business. This includes people involved in the management, people who provide capital, and people who do both. This agreement sets out operative issues … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 4)
Mistake #4: Not Being Adequately Insured New businesses often have insufficient insurance. In deciding what kind and how much insurance to secure, a new business owner should carefully examine the needs of the business. Here is a summary of the most common forms of insurance coverage. Property … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 3)
Mistake #3: The Contents of Leases When you start a small business, you will need to consider where that business will be located. If your business is not a home-based one, this may be the first time you have had to deal with a commercial lease. Although such leases generally favour the landlord, … [Read more...]
Top 5 Legal Mistakes in Starting a Small Business (Part 1)
So you want to start a small business? You have your business plan at the ready, you can get a start-up loan with an interest rate that is at an all-time low, and your determination is at an all-time high. You are ready to go. Ironically, now – during this flurry of energy, excitement, and … [Read more...]