Often it's smart to consult with an attorney. Here are a few examples:

  • Written agreements: Do your lease agreements and purchase contracts indicate the specific duties and expectations of each party?
  • Licensing and ordinances: Do you need to be licensed or bonded? Is liability insurance required?
  • Business structure: Should you incorporate or stay a sole proprietorship?
  • Employer-employee relations: Are you familiar with the laws that govern hiring employees? Do you need an employee handbook?
  • Partnerships: If you don't have a partnership agreement in place, you could lose your business.

Don't be penny-wise and pound-foolish when it comes to your business's future. A little legal advice can go a long way.

Excerpted from Get Smart: 365 Tips To Boost Your Entrepreneurial IQ