Not vetting

the name

• Conduct a thorough trademark search to see if you can use your name!

• If your name ends up infringing on another trademark, then you need to change the name, lose your Google ranking and rebuild your website

Not separating business and personal finance

• It’s extremely difficult to make smart business decisions without clear financial data!

• Commingling funds means you’ll lose the liability protection from your business!

• Set up accounts solely for business income and expenses

Not keeping records

• “Piercing the corporate veil” is when courts discover that a business entity and its owner are one in the same!

• It means that business creditors can come after your personal assets!

• Avoid the by recording everything that happens with your business on a year-by-year basis, and submit your corporate filings with the state

Not making contracts

• Business without a contract is a surefire way to get yourself sued or screwed out of money!

• Have proper contracts in place that outline everything

Not using legal notices

• If you collect information from people visiting your website, then you need a privacy policy!

• Have disclaimers and terms and conditions outlined on your website, especially if you’re selling products or services

Not protecting your intellectual

property• The longer you’re in business, the more

intellectual property you produce, and the more valuable it becomes!

• Register your intellectual property with the US Patent and Trademark Office and the US Copyright Office

Not classifying your team as “employees”

• The IRS has a very strong bias towards “employees” rather than “contractors!

• Do a proper analysis to figure out if your workers are employees or independent contractors