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As a small business owner, you could probably use as much help as you can get to relieve the overall stress of managing the finances, legalities and operations of your company. State and local government websites are often great resources for information and connections, but they won't always have the answers you're looking for.
For business owners in Fort Wayne, Evansville or Indianapolis, it's important to understand state and federal laws and know how to proceed when a legal issue develops. LawInfo has the Indiana small business law information you need from business taxes to workers' compensation.
To take your small business from idea to reality, there are several important tasks you'll need to complete. While Indiana's Business Services Division has its own guide to starting a business, there is no one "right" way to start a business. Some of the first things you should do, however, include:
Small businesses are typically vulnerable to bankruptcy or lawsuits without adequate protection. Business insurance can help protect your small business from failing too soon from accidents or legal mishaps.
There are many types of insurance policies that offer protection from specific and general business liabilities. Some insurers will offer several policies bundled in a single Business Owner's Policy, while other individual policies may provide sufficient general liability coverage. An insurer and a small business attorney can help you determine the right policies for your business needs.
Some of the most important policies you'll need for your small business include:
Some of the most critical elements of your small business's budget will be business taxes. As you're developing your business plan, you'll want to research the federal, state and local taxes your business will be liable for. The specific types of business tax your business will be liable for depend on a number of factors, such as the legal structure of your business, whether your workers are employees or independent contractors, the kinds of products or services you offer, etc.
Indiana's Department of Revenue provides a handbook for small business owners that covers the state taxes and requirements. Among the business taxes you may need to pay, some of the common ones 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 a local business attorney to discuss your specific legal situation.