Once the business has been set up, there are a host of pitfalls every business has to navigate through including
- hiring and firing employees
- setting up and paying payroll
- timely filing all payroll and tax return filings and paying ALL your payroll taxes
- procuring business under contract terms that protect your right to be paid
- owner disability and death.
Some common mistakes business owners make include:
1. Be sure you sign all contracts in the name of the entity, and affix your title, e.g. President or Treasurer, after your signature.
2. Be sure all contracts you execute are in the name of the entity, othewise you may find you have lost the liability protection of an LLC or corporation.
3. If you do business under a fictitious name, then you need to be sure that each fictitious name is properly recorded so it attaches to your entity.