(Businessweek) — Legal counsel and documentation is a form of insurance for your business. Without proper legal protection, you are open to unnecessary liability. Take time early on to set your goals and concerns, and avoid the seven legal sins that we’ve identified through our experience working with small businesses in various industries. 1. Lack of planning. There is no single set of legal protections that are right for everyone. In general, you will want to protect your assets, document proof of your operations, establish a suitable tax structure, and ensure that your business can expand.
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