What a Young Company Needs to Know about Liability

by Mashable

Going into business is risky enough. Don’t make it more dangerous by leaving yourself open to liabilities.

“Doctor, daycare owner, bungee jump operator — these are businesses typically associated with risk and liability. But what about more “virtual” professions like a social media consultant, blogger or app developer?” asks Nellie Akalp in a post for Mashable. “While a job in tech may be less risky than being a plastic surgeon, things can (and will) happen” to put you in danger of being held liable. Small business owners owe it to themselves to learn about everything they can do to minimize their risk.

Incorporating is an essential first step as it provides you the “corporate shield,” separating your personal assets from those of the business and making the corporation (not you, the owner) responsible for its debts and liabilities, Akalp writes. Acquiring some form of business liability insurance is also a good idea, and you can refer to the U.S. Small Business Administration for a thorough overview. For more advice on making sure your small business is protected, read Akalp’s full post here.

Related Content from OpenView:

When starting a business, one of the last things thought about is legal liability. This post can provide you with additional information you’ll need to make sure you’re better safe than sorry. And for companies engaging in API licensing, make sure you read this post from the OpenView Blog