I recently did a radio show on Radio Sol discussing legal issues for small businesses and my current course offerings at Renton Technical College. I found that the listeners who called into the show mirror my experience with many small business owners generally — and it’s an issue that’s important to address. Most small business owners are concerned with the business issues that might get them into “trouble.” These issues are primarily 1) setting up the business properly through the State and 2) taxes. While I agree that these things are critical to ensuring your business stays out of trouble, these items are the starting point for keeping your business safe. Remember, that you’re not “done” just because you’ve received your business license. If you’re a corporation or LLC, you must do specific things under the law to retain your liability protection such as maintaining a record book, holding initial annual meetings, and keeping separate records. These things are mandadtory! Also, one of the best ways to protect your business, outside of business structure and insurance, is putting in place contracts with your clients, vendors, investors, partners and other interested stakeholders. The business license is the first, not the last legal step you take for your business.

X