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Common Small Business Legal Mistakes

* From  Date: Tuesday, December 7 2004

  • How to protect your ideas and inventions (copyright, patent, trade secrets)

  • Major employer-employee laws

  • Securities laws affecting how you can raise capital for your business

  • Governmental regulation of your industry.



    Not Keeping Proper Corporate Records

    Improper record keeping can cause problems with the IRS, hamper your ability to raise equity capital and could result in personal liability. And yet, small businesses are notorious for failing to keep the records required for incorporation. Failure to document meetings of the Board of Directors and shareholders, failure to record stock issuances and failure to document stock transfers are common infractions of the guidelines that protect the status of corporations.

    Not Clearly Documenting Partners' Rights and Responsibilities

    Founding shareholders or partners should have an agreement that answers the following questions:

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