Elizabeth Sigety and Ian Meklinsky were quoted in the Metro US article, "The Basics of Starting a Small Business." Full text can be found in the March 30, 2015, issue, but a synopsis is below.
While small business owners know that no detail can go overlooked, legal aspects can often be brushed aside.
To start, there's the business idea itself. "Protect your intellectual property so that other companies don't steal your inventions, ideas or brand," said Elizabeth Sigety.
Sigety also suggests all owners get on board from the beginning.
"Set out in a precise, signed agreement the details of the arrangement between the owners of the business," she says. "As for the agreement between owners, typically the founders of the company get along great in the beginning but, as time goes on and the company evolves, the founders' memories of what was the deal and perceptions of what they deserve frequently change — which can result in disputes between founders."
Businesses also need to stress the decision early on of whether to hire employees or contractors, and understand the differences between the two.
"This decision, if made hastily, can cause significant financial problems later. The failure to properly characterize an individual can result in back wages being owed to the individual and a significant amount of taxes being owed to the government," said Ian Meklinsky.
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