It is very important that you consult with your business insurance agent and obtain the proper and necessary coverage for your business. Never operate a business without liability insurance. Some people overlook specialized coverage such as “errors and omissions” and malpractice coverage — necessary for even the simplest medical-related businesses. Don’t always assume the cheapest policy quote is the best. Don’t make other assumptions such as your regular car insurance being in effect when driving your car during a business delivery.
Are there grants to help start my business?
Being able to handle your accounting software in no way qualifies you as a tax expert. Proper use of Generally Accepted Accounting Procedures (GAAP) is a must with the IRS. Missteps can lead to penalties, interest, fines and even prison. Always choose a reputable tax expert who can monitor your bookkeeping. Most all CPAs are well-versed in compliance. Dig deep and find one who is also consultative — helping you to legally avoid paying unnecessary taxes.
2 surprises in Ohio small-business taxes
Nobody wants to have to pay an attorney, but businesses will always have the need for one from time to time. Collections, government interaction and forms/agreement reviews are just some of the reasons you will need one. Know who you will call when the need arises. Be sure your attorney is a strong advocate, and fully supports your interests honestly and professionally.
Business marketing is no 'Field of Dreams'
HAVE A QUESTION?
This monthly column aims to help small-business owners navigate the resources available to them. Have a question about starting or managing a business? Email questions to firstname.lastname@example.org for possible inclusion in an upcoming column.