There are a million things to consider when starting a business, not the least of which are the legal aspects of such an important undertaking. The following checklist will help you identify key legal concepts all business owners should consider:   Obtain a Federal Employer Identification Number (EIN): A federal Employer Identification Number (EIN) is a 9-digit number assigned to sole proprietors, LLCs, corporations, partnerships, estates, trusts, nonprofit organizations, farmers' cooperatives and other entities. It’s…

Small businesses often try to avoid the costs that come with hiring an employee. Hiring an employee means unemployment compensation, worker’s compensation, employment taxes and increased liability. All of these can be a serious drain on the small business. Independent contractors can be a valuable tool to keep costs down in your business. However, there can be serious consequences for misclassifying an employee as an independent contractor. For starters, you could receive 3 audits: the…

Starting a new business from scratch requires a lot of work and expense, so for many entrepreneurs buying an existing business is more appealing. An established customer base, employees and suppliers, and the notion that someone has already done all the heavy lifting, are just a few of the reasons “pre-owned” can rival “new.” But buying an existing business is still a complex process. Typically, potential buyers have preliminary discussions about terms of the sale…

You have a lot of options when it comes to choosing a commercial space for your business. In fact, with the economic downturn, it's definitely a buyer's market. But before you sign on the dotted line, there are a few things you should know. Legally speaking, commercial leases are extremely complicated documents often heavily weighted in the lessor's (aka: landlord's) favor. There are also a number of differences between commercial and residential leases. For example,…