What gives small biz owners a headache?
Rocket Lawyer will take your legal matters
- Duration 3:57
- Date Jan 30, 2012
Rocket Lawyer will take your legal matters
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This transcript is automatically generated
That's that we do -- -- help small businesses exactly what you said we take care of their legal matter so they can focus on what really matters.
And what matters to them -- right isn't what's going on in Washington.
What really matters to the small business owner is.
How to -- keep my business out of legal trouble and then get back to what I do for example you know like.
Business that I know of -- Watson family.
Recreation which operates theme parks you know Derek Watson once did manages his -- party took advantage of this vacation.
Vacation during the recession for example.
And down so that some businesses want to do they wanna get back to business but you know what we took a survey of some businesses Tracy and over half of them had a legal matter they need to take care of last year.
Now I would say those -- the half that they knew about because every business is got legal issues but -- I'll -- you -- was your reaction as -- you know a third of those businesses.
Out -- said.
Actually legal issues -- the biggest headache for the business entirely that yeah.
Are you finding though that -- businesses are complaining -- about the fact that there are -- -- -- rules regulations that we becomes so diluted just society.
Yeah I'll take -- the last 11 -- absolutely businesses are aware that.
This is there there is a lot of litigation and so they need to be prepared for it.
Maybe later we'll talk about a few tips about how business can.
Be ready and be able to use -- lot to their advantage because let's face it we all it's like our congress people.
You you don't like congress would you like -- you wanna make sure -- person in congress.
Brings home the bacon right well.
You may not liking getting -- but sometimes you have to sue somebody if things go wrong and so.
Businesses need to be prepared.
For both situations how to make the line advantage but by the same token how to not trigger a bunch of red flag so that -- You're having to focus on legal stuff in that instead -- -- theme -- whatever -- -- You need to keep -- would actually ever think about the notion that you might have to see someone -- rewrote gross talking about the other side of the coin and -- all the leaders of is coming down and shoulders for small businesses must get caught up to prices I suppose in particular.
You know with contract negotiating and things like that people don't want to pay what they're -- that you bring in the lawyers.
-- no doubt about it collections is a big -- for small business and so.
Making sure that you negotiate your contracts and you think about that upfront you know -- little preparation the old adage is worth a pound key an ounce of preparation of the pound of cure.
And so that really goes to contract so we -- small businesses to.
Put everything in writing and when you do have that good negotiation negotiations a healthy thing when you and I know exactly what what our business is gonna look like together.
And when you need to pay me.
It's a good thing to put that in writing a friend isn't it.
When he your tips is to avoid the -- is red flags and and a I guess that just means getting yourself for a good tax preparation -- -- Yep that's and I and I -- -- that's near and dear to your heart is how you have.
Here background hum but your right having a good having good professional advice is part of it there's stuff that everybody -- -- just a few quick things you know.
Incorporate your business know the different the way that you incorporate is gonna matter.
In terms of how your taxes are counted and if here and LLC it's gonna be different from if you're corporation won't get into all of -- now.
The other big thing is if you're gonna take deductions.
You know don't really -- don't push that envelope right take that you did you know the those red flags really have to do -- swimming upstream.
Don't don't -- the -- systemic upstream right take the deductions that you deserve.
But don't get too aggressive with that and then the last thing is a little -- a good -- for a lot of business they make a mistake and how they classify their employees so if you're using.
Consultants contractors which especially in a recession a lot of this -- due to save money.
But then if they ought to be classified as employees because you're really directing them they're working full time make sure you get that right that's something that could come back to -- -- later.