www.forbes.com: Why did you start your own business? To be your own boss, bring something new and innovative to the market, or better support your family? Given the amount of work it takes to get a successful business off the ground, we’re betting your reasons were good.
In the beginning, entrepreneurs are generally consumed with essential to-dos like finding an office space, hiring staff and setting up shop. However, in the wake of these exciting early-stage developments, executives sometimes overlook certain legalities which can lead to serious charges down the line.
2 comments:
First off, I applaud Forbes Magazine for attempting to educate business owners on practices that could potentially land them in a lot of trouble. On the other hand, there’s a lot of information missing from this article. Overall, there’s nothing on how to go about identifying these problems and then, in turn, remedying them. For something like point #3, which says that you’re breaking the law if you’re using client money for personal expenses, it’s easy to not do that. Yeah, you can just stop using the money that doesn’t belong to you. However, when it comes down to something like incorrectly charging for Medicare, who knows about that? Is the accountant’s job to make sure that everyone’s paycheck has the correct amount of money taken out of it? And if there’s a mistake in Medicare which leads to an investigation, who goes down with the ship? Yes, this article points out great ideas, but it should really tell you how to avoid them.
5. Everybody makes mistakes, and those just trying to do everything they can to make their dreams come true need to be aware and well educated about the consequences of every questionable decisions they make. In the long run doing everything by the book and paying the government saves everyone from a lot of financial and federal trouble, rather than trying to save a couple bucks in the now.. And maybe that right there is the problem. Everyone is stuck in the sense that just because something is new and fragile, and every dollar counts, and doing everything you can to keep you safe now, and deal with the consequences later is plain and simple the wrong way of going about it. Because the consequences later can be life changing, point and cause jail, or damaging to those others who just wanted to lend a helping hand and provide success.
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