Common legal issues that small companies face
Small business owners in New Jersey have a lot to worry about. Running a small company is not for the faint of heart. From marketing to hiring to pleasing customers to keeping costs low, business owners have a lot to keep them busy. On top of these everyday activities, there are also legal issues to take into consideration.
Most small companies don't have to worry about providing their employees with healthcare coverage. Only 3 percent of small businesses have 50 or more employees, and are therefore mandated by the Affordable Care Act to provide insurance. This mandate goes into effect in 2015, so larger businesses should keep this in mind, since they will face fines and penalties for failing to do so.
Another common legal woe is not keeping business and personal funds separate. Even when a company is incorporated, a business owner can still be held financially responsible for any debts incurred by the company. It is always important to follow company rules and keep everything legit. This makes it easier for creditors to seek out personal assets when the lines between a company and a personal life become blurred.
One thing that many business owners fail to do is consider legal issues before naming a company. There are at least four million small companies in the country, so even the most clever name may already be taken. Business owners may want to get more information to see if a name is already taken to avoid wasting money on resources early on.
Small businesses are also subject to many laws and regulations. A successful business owner must be knowledgeable about the various types of laws that affect a small company and know what needs to be done in order to keep a business afloat and stay out of legal trouble.
Source: Huffington Post, " Three Small Business Legal Fears -- And How to Face Them," C. Mario Jaramillo, Oct. 25, 2013