Being a small business owner is full of both rewards and challenges. Along with the achievements of pursuing your passion and being your own boss, there are also the headaches surrounding licenses, federal and state requirements, and many other legal issues.
While COVID-19 has brought new and unique challenges to small businesses, the main legal concerns remain mostly the same—even in our post-pandemic world.
Most Common Small Business Concerns
Here are a few common business concerns that often keep even the most experienced businesses owners up at night.
Your Business Structure
One of the first things to determine for your business is its structure or entity. For both legal and tax reasons—and advantages—you must determine if your company is a sole proprietorship, partnership, LLC, S-Corp, or C-Corp.
With the changes in tax laws in 2017, many corporations have reconsidered their incorporated structure, in order to take advantage of the new laws. Federal and state laws can change frequently, which may affect a company’s risk profile, thus making one type of structure more effective than another.
Depending on your type of business you own, you will need a license or permit to operate—in addition to licenses for accreditation and/or the various services you may offer clients.
Costs and requirements of licensing vary by location, so research your state or city’s specific mandates. Failure to do so could result in high fees or business disruption.
Patents, copyrights, and trademarks are some of the meat and potatoes of a business’s brand—as these help you stand out from competitors. As intellectual property, you’ll want to properly protect your copyrights, such as songs or written material, and trademarks, like logos or slogans.
Our ubiquitous access to information and content via the internet, and the fact that people do come up with similar ideas simultaneously in different places, means you’ll want to ensure that your content and intellectual property is unique, authentic, and protected.
Attorneys specializing in intellectual property law will plot a course for you to keep your property competitive and safeguarded.
Federal rules and regulations—ranging from advertising, data protection and cybersecurity laws to environmental and labor laws—must all be considered by small business owners.
Some regulations, particularly advertising, change frequently due to new copyright laws and an evolving economy. The Federal Trade Commission Act is a great resource to help small businesses stay nimble while also keeping up with the evolving commercial regulations and policies.
Protect Your Small Business
Whether you’re just starting a business, need help restructuring an existing one, or are facing litigation, the experts at KTF Law Firm will bring a custom approach to serving and protecting your needs while helping you keep your business thriving.
Contact us today for a free consultation!