Don't Get Sued: 5 Tips To Protect Your Small Business. As a business owner, it's your responsibility to do everything within your means to limit risk and to keep the business running smoothly.
But how does one go about limiting the possibility of a lawsuit to ensure business continuity? In this article, we'll take a look at five actions you can take today to protect your company for tomorrow. (For background reading, see It's Raining Lawsuits: Do You Need An Umbrella Policy?) Tutorial: Starting A Small Business1. Sole Proprietorships. Sole Proprietorship Definition. Definition: A business that legally has no separate existence from its owner.
Income and losses are taxed on the individual's personal income tax return. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy's Nail Salon.
Follow These Steps to Starting a Business. Starting a business involves planning, making key financial decisions and completing a series of legal activities.
These 10 easy steps can help you plan, prepare and manage your business. Click on the links to learn more. Step 1: Write a Business Plan Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.