The mere thought of an audit or a lawsuit strikes abject terror in the hearts of most small business owners. No one wants to find their business the target of an IRS audit – in fact, most of us shudder at the mere mention of the phrase. Lawsuits are also frightening prospects. Yet small businesses and entrepreneurs frequently leave themselves open to failing audits and losing lawsuits by not taking steps to prepare or plan for them.Scary Fact #1: A study released in March of 2007 estimated that U.S. citizens pay about $865 billion every year in expenses related to lawsuits. A significant amount of these lawsuits are brought against doctors and other professionals. But a sizeable amount of this cost is tied to suits brought against small businesses.Small businesses and entrepreneurs are particularly susceptible to lawsuits because they are often so focused on starting and growing the business – often with a minimal staff – that they just don’t get around to doing the paperwork needed to protect their businesses and their personal assets. Further, many believe that a business license and articles or incorporation, articles of organization or partnership agreements are the only […]

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