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The Indiana Entrepreneur Legal Steps


Sean

Today, entrepreneurship creates opportunity and freedom. Being an entrepreneur is not an easy task. The practice is not for everyone. But the juice can be worth the squeeze. I started my own business over 2 ½ years ago. I had a lot of road bumps and some pot holes. I came out with few bruises and scars. Yet, I had more knowledge and experience to push me further. I have many Indiana entrepreneurs come up to me about how to start a business.

You are the whole business. You have to know how to market, to budget and to keep yourself protected. Beginner entrepreneurs ask me about legality. I feel legal reasons are the main reason why many people do not start businesses. So, I have condensed a list from my two years on how to keep your “baby” and you safe.

Law Books
© Flickr User  Mr. TinDC

Your company’s name is crucial. The brand identity will either make or break your business. Either people will know what you do right off the bat. Or they will be hesitant to do business. A good way to reach is go to the Indiana Secretary of State Create Business page. Here is where you will find established business names. You want to make sure your business name is available.

Starting Out
When you find the right name, find out what company you want to establish. Each business type limits legal holes. Make sure you know your business structure. And take a look at the IRS website for tax information.

I recommend hiring a good lawyer. You will benefit in the long run having an attorney on your side. The cost will be higher compared to “online legal document” companies. But these one-stop-shops will not understand your business, and instead will use “drag and dropp” legal language. A lawyer can customize and place the correct blocks to protect you.

Legal Blocks
Many companies are on online these days. You might see many companies with Terms and Conditions and Privacy Policy. These documents give protection based on services. A lawyer does provide protection for the actual service transaction. The terms of service letter establishes expectations and services performed. A lawyer provides research for errors and omissions insurance. This insurance type protects any “late delivery” protecting your company.

What I picked up from marketers…
As a marketer and now writer, I have published many online articles. I picked up on some good tips. The typical article structure is picture, content and author biography. I heard the horror stories where companies did not pull the “right” pictures. By using free image sources you don’t have to pay, but there are still are legal requirements. For example, you typically need to give accreditation to the picture owner. I recommend using this source for blog posts in particular.

This post was not intended to scare you away from starting your business. The intention was to be aware on how to limit your exposure. Legal vulnerabilities are everywhere. You need to know and have a knowledgeable lawyer on your side. Take these steps to protect your business and yourself.

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About the Blogger: Sean Sullivan (@seansullivan110) is host at Converge Coffee. When he is not podcasting, you can find Sean at networking events, cultural events, and coffee shops quoting too many movies.

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Tue, December 9 2014 » Career Planning and Goal Setting, Self Development

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