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Things that growing small businesses should be concerned with

If you are starting a new business this year, or are aspiring to grow an existing business in 2017, your goals are certainly attainable. However, there are a number of legal issues that could be missed in the midst of your ambition. If the potential problems are ignored, they could end up hampering the business’ growth.

This post will identify a few of these potential problems and what businesses should focus on in order to avoid them.

Putting personal assets at risk – It is common for small business owners incorporate their businesses into separate corporate entities in order to shield their personal assets from business creditors. However, some follow the misguided plan of promising to be held personally liable for certain loans intended for the business. It is critical be wary of this when taking out loans.

Not adhering to the Affordable Care Act – Most small businesses have fewer than 50 employees and are exempt from the potential penalties for not adhering to the ACA. However, as some businesses grow and cross that threshold, additional care should be taken to be in compliance.

Not paying attention to payroll taxes – It is an employer’s primary responsibility to deduct Social Security and Medicare taxes from employee wages and pay them on a timely basis. Failing to do this could lead to the type of financial penalties that could decimate the business.

Some business owners are concerned enough with these potential problems that they lose sleep over them. However, having a skilled tax law attorney can alleviate these fears. If you have tax or payroll questions, we invite you to contact us. 

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Law Offices of Charles R. Frazier
5258 Murfreesboro Road #B
La Vergne, TN 37086

Toll Free: 800-836-9077
Phone: 615-534-4628
Fax: 615-829-8352
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