On this season of the podcast, we’ve been discussing what you need to know in order to transition from self-employment to business ownership. In today’s episode, we’re talking about the necessary legal components of running a business.
One of the benefits of owning a business is the ability to separate the business entity from yourself personally. Separating business affairs from personal affairs allows you to mitigate the risk associated with operating a business.
However, if you’re not tending to the legal aspects of the business, you won’t fully reap these benefits. If you move into business ownership without having all of the legal aspects set up and accounted for, you might be leaving yourself exposed.
Business legalities can feel daunting and looming, but this information is necessary and very straightforward. The more you know about business legalities before jumping in, the more you can prepare for and expect on your journey to business ownership.
Tasks that should be considered and completed at the onset of your business include:
There are legal implications for not running your business in legal ways. You could face fines, penalties, lawsuits, or even the reality of your business having to close. None of these things are worth exposing ourselves to, and when you recognize the legal components of running a business you protect yourself. Your ability to keep serving your patients is reliant on sound legal practices.
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