There are a variety of business structures within the home inventory industry. Some are organized as corporations, some are LLCs, and others have chosen to establish their business as a sole proprietorship. Along with the differences in business structures, we have full-time professionals, those who have a full-time job and enjoy their home inventory business on a part-time basis, while still others are semi-retired and choosing to work their business on a part-time basis. It really doesn’t matter what business model you’ve chosen, or whether you’re part-time or full-time, there are legal issues to consider.
Taking the time to perform a legal checkup helps you determine if you face any potential liabilities. As a LegalShield small business member, the National Inventory Certification Association has used LegalShield’s services for:
- creating contracts
- reviews of contracts presented by other organizations
- website content
- other legal needs
We received the following information in a recent newsletter and wanted to share it with you.
“Is your business structure the right fit? There are several types of business entities to choose from when starting a business. It is important to consider tax treatment and benefits, sale of interest in the business and limiting your personal liability.
“Are your workers properly classified? It is your legal responsibility to establish whether someone working on your company’s behalf is classified by the IRS as an employee or an independent contractor. Making the wrong determination can have serious financial and legal consequences.
“Do you have adequate insurance coverage? There are many insurance options for small businesses, including general liability, professional liability, product liability, commercial property and home-based business insurance. It is important to carefully examine your potential liabilities and make sure you have the right coverage.
“Have your contracts received a thorough legal review? Small business owners frequently sign contracts with employees, vendors, banks and contractors. It is important to make sure your contracts are enforceable in a court of law and are free of potential surprises.
“Is your intellectual property protected? The best way to protect your innovations and creations is through effective enforcement of intellectual property (IP) law. A copyright is established when a work is completed. Trademarks protect the design, name, words and phrases used to identify your business and products.”
If you don’t have an attorney on retainer, you might want to consider LegalShield. You will have access to attorneys who can help you limit risk, create contracts, review contracts others want you to sign, and address any challenges your home inventory business faces, all for a small monthly fee. Click here for more information about all the benefits you can receive when choosing to purchase a LegalShield membership.