It’s that time of the year again, when business owners find themselves immersed in paperwork, planning year-end parties or a family get-together and on top of that pushing to collect payments and closing out last niggling projects.
With so much going on, it’s easy to get overwhelmed, and business owners tend to leave legal work for the next year.
Getting on top of your legal tasks, however, can help small businesses have a prosperous and legally healthy New Year.
You may have run your business as a sole proprietor as a start and now looking to scale. Incorporating a private limited liability company helps business owners shield them from personal liability and protects their assets from all kinds of business risks.
Incorporating a company may further help a new business establish credibility with potential customers, employees, vendors, and partners. It also enhances your ability to get access to capital (i.e. through an issue or sale of shares).
Cashflow management and collecting payments are some of the biggest challenges small business owners face.
Having sound customer terms and conditions in place reduces your risk of non-payment and a carefully drafted agreement will increase your chances of success during the collection process. Your debt collection lawyer will thank you for it!
When a business goes through its growth phases and scales in terms of revenue and employment, it may become subject to regulations that might not have applied before.
A growing business is a healthy one, but you should stay pro-active in terms of managing regulatory strategy, to avoid unnecessary penalties or fines.
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