The economy is in the grip of a stubborn recession. Unemployment rates are high. Consumer spending is low. According to the Small Business Administration, more new businesses close than open.
Only half of new businesses make it past the five year mark, while just one third of new businesses are able to continue past their first 10 years. The list of issues facing any business can seem endless. There are operational, tax, intellectual property, and legal concerns.
Of course, you can't avoid mistakes if you don't know how to recognize them, so we've compiled three of the most basic and expensive legal mistakes new businesses commonly make.