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Small Business Week

On behalf of Fremstad Law, we want to wish those of you who have taken the dive, happy National Small Business Week! Fremstad Law is proud to support small business and their owners with business, real estate, family, and other types of legal advice.

For those of you who have a small business or are thinking about starting one, here are a few tips:
1. Research before you pick a name. You can imagine that if you start a shoe company called Nike, you might have problems. Especially in today’s internet economy you should do research on others using the same or a similar name. If there is any doubt, you should work with an attorney to conduct appropriate searches.
2. Form a limited liability company, corporation or other entity. In part this is simple and can be done by filing articles of organization or articles of incorporation with the Secretary of State. To ensure you are truly protected, however, you should also visit with an attorney and discuss whether you should have bylaws, an operating agreement, a buy-sell agreement, or other organizational documents.
3. Obtain appropriate insurance. While forming an entity can help reduce the risk of liability, insurance is another part of the solution. It is also important to ensure you go to an insurance professional that has experience with your type of business. Many of the companies you might be familiar with may do car or home insurance well, but may not have appropriate policies for your business.
4. Utilize written contracts and agreements. Many clients operate on handshake deals for decades with no problems, but you never know when that will bite you. I encourage you to look for sample documents on the internet as there are many. But before you implement them you should talk to an attorney as what may seem appropriate may not be for any number of reasons. Questions to think about will include interest rates/finance charges, attorney fees, governing law, and much more depending on the type of agreement you are dealing with.
5. Handling Employees. All businesses need a harassment policy, but most should have a general employee handbook. You should also ensure you are cognizant of minimum wage requirements, overtime requirements, and of protecting your businesses confidential information.
Fremstad Law is a small business, but with big experience with helping other businesses. We also know that not all businesses will have the time or funds do necessarily dot every I and cross every T. If you want to discuss your businesses issues and priorities, feel free to give us a call.
Good Luck!