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As an owner of a small business in Michigan, you have the responsibility of ensuring that your business complies with federal and state laws and regulations. This means ensuring that the required taxes are paid, employees are receiving their rightful compensation and benefits and keeping business property up to health and safety codes.
For business owners in Ann Arbor, Detroit or Grand Rapids, it’s important to understand state and federal laws and know how to proceed when a legal issue develops. LawInfo has the Michigan small business law information you need from registering intellectual property to small business financing.
Prior to starting a small business, it’s a best practice to develop a business plan. A plan outlines your business’s future by stating goals, how your business will achieve them, potential issues and how they can be overcome.
The primary purpose of a business plan is self-assessment of your preparedness for starting and running a business. It can also be a useful tool for getting financial support from investors and creditors if you’re thorough in your market research and financial projections. The more thorough your business plan is, the more confident your financiers and potential employees or co-owners will be in your small business’s success.
There are many parts to a business plan, but overall there are three distinct sections your plan should include:
Legal issues crop up for all businesses, be it contracts, taxes or employment. Legal questions and issues will vary widely by industry and it’s a good idea to consult a business attorney beforehand. But a small business owner may encounter legal issues such as:
Small businesses and/or business owners may be held liable for paying for damages to company property, covering losses from mistakes or bad contracts and compensating personal injury claims, depending on the business structure chosen. Business insurance can protect a small business from financial stress by reducing their liability for these and other issues.
Michigan insurance providers offer many types of business insurance policies that cover specific liabilities. Not every policy may be right for your small business, so you’ll need to assess the liabilities it’s responsible for and choose your policy wisely. Insurance providers will also measure your business’s specific liabilities to determine the kind of coverage it’ll need and the premiums your or the business will owe.
Among the many policies available in Michigan, some of the most important for small businesses include:
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified business lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact an attorney in your area from our directory to discuss your specific legal situation.