Working for yourself can be a truly incredible lifestyle change and offer you all sorts of freedom and the liberty to take your own decisions about your career and business. However, not everything is always going to be sunshine and roses – it is important that you have an understanding of some of the ins and outs that need to happen behind the scenes when it comes to the legal side of things, whether or not they pose an immediate threat to you or your business. Here are four simple things to keep in mind:
Work-related accidents and injuries
Depending on what kind of work you’re doing, this could still be a major consideration to make about your work-life – what happens if you get hurt on the job? Working for yourself does not eliminate the potential for work-related injuries, car accidents, slips and falls, and other types of physical traumas, so it is important to have an understanding of how to handle them, and know whether or not you can claim in these situations. Fortunately, there are places to turn to for help on this. Stewart J Guss is an example of a great injury accident lawyer who could fill you in on everything you need to know, should this problem arise in your self-employment journey.
Taxes
You are probably no stranger to the ‘T’ word by now. From understanding what kinds of taxes you are liable to pay (yes, self-employment tax is a thing) to the practical side of actually filing them, it can feel like you are out of your depth, but organising your taxes doesn’t have to be a complete nightmare, even if you are self-employed. There are tons of resources online to help you make sure you understand what is required of you, and very helpful tools like GoSimpleTax, which specifically provide assistance for all kinds of self-employed work.
Keeping records
On the topic of tax, the very first and one of the most important steps to staying on top of that and any other finance-related tasks is keeping good records of your financial activities. This is one of those more nitty-gritty responsibilities that come along with running your own business or working for yourself, and although it might not be fun, it’s crucial. Here are some tips for good recordkeeping when you’re self-employed.
Intellectual Property
If you are working as a writer, designer, artist, inventor, or creator of any type, another important thing to consider is the protection of your intellectual property, including copyrights, patents, and trademarks or trade secrets. Understanding your rights in this regard is one of the first steps to take, and actually taking legal steps in that direction is the next most important, in order to reap the full benefits of your work at all times. Take a look at this quick breakdown to get an overview of what these things mean and where you might be able to turn to for help.
Did you know that by forming an LLC you’re dramatically increasing your liability protection by creating a separation between yourself and personal assets? This can be filed on your own or through any top incorporation service like ZenBusiness (a popular alternative to Inc Authority’s LLC service).
