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If you manufacture, wholesale, distribute, or sell retail products, you need to be concerned with a special subset of negligence law called “product liability law.” If a product you manufactured, wholesaled, or sold injures a consumer, everyone in the supply chain between you and the buyer may be legally affected.
In the case of a defective […]

When ice on your walkway (ice that you already asked your employee to remove, but that he did not) causes a customer to slip, fall, and break her arm, that is legally called “negligence.” Being found negligent can be one of the worst things that can happen to your business, since the damages can be […]

3. Consideration. To create a valid, legally enforceable contract, aside from offer and acceptance, you also need a bargained-for exchange (legally “quid pro quo,” or “this for that”), called “consideration.” In essence, this means that you have to give up something to get something: My money for your flour.
If I said, “I’ll wash your car […]

Like taxes and insurance, law is one of those areas that entrepreneurs would rather not think about, and when they do, it usually is unpleasant. Yet you need to know what you need to know. There is a litigation explosion in this country, businesses are prime targets (known in the trade as “deep pockets”), and […]

Even if you know your tax law and do everything right, the chances of getting audited are greater for you than for the public at large. Why? Because small businesses are audited more than any other entity. So if
you do get that dreaded letter and do have to attend a tax audit, here is what […]

If your business uses property that you personally own, you can save on business taxes by leasing the property to the business. The lease expense to the business is tax-deductible, and the income you generate
personally from the lease income is not subject to Social Security tax. You can then take any applicable depreciation allowance for […]

All small business owners want to save on their taxes. The question is, How? There are many different strategies you can adopt to help you reduce your tax bite. Do not wait until December 31 before deciding to take action. Some preplanning can go a long way to reducing Uncle Sam’s take come tax time.
Set […]

Employees and taxes go hand-in-hand. When hired, your employees need to fill out a federal W-4 form and an Immigration and Naturalization Service Form I-9. As you begin to pay them, you deduct a variety of taxes
from their paychecks.
• Social Security. Social security taxes (also known as FICA) must be withheld from an employee’s pay. […]

To you taxpayers out there, let me say this: Even though income taxes can be a pain in the neck, the folks at the IRS are regular people just like you, except that they can destroy your life.
Taxes are one of those areas in which almost every entrepreneur hates dealing. So I will make you […]

The time may come when you suffer a loss and need to make a claim against your carrier. Insurance companies are sticklers for details, and if you do not follow procedures to the letter, you may find that they will deny your claim, and legitimately. So follow these tips to ensure that your insurance works […]