- Make a business plan-- creating a map for your business is the first step in making it into a reality. Try to reduce what the concrete plans are that you will take regarding projected start-up costs, marketing strategies, and the like. Working out these factors will help you set onto the right path.
- Put all agreements in writing-- this is key. Without reducing your agreement to writing, you will potentially exposure yourself to a battle of words. Writings can also be helpful if you want to later refer back to what you agreed to in terms of a plan for timing of delivery, who is responsible for shipment costs, etc. A written agreement ensures you will have something to submit to a court to enforce or otherwise act upon a deal if relationships sour.
- Be aware of the legal status of your workers-- as I have mentioned in previous posts, the status of the people who work for you carries additional legal responsibilities, particularly in regards to payroll taxes and other withholdings. If someone works for you full time, does not work for anyone else, and you substantially control the way in which they do the job, you will probably have to rebut the assumption that they are an employee, rather than an independent contractor.
- Pay your debts on time-- in addition to establishing a positive reputation as a person who honors their commitments, you may be held personally liable for debts that go unpaid. This is especially true in the case of taxes and accompanying penalties.
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