The Law Office of E.C. Lewis, P.C. understands that home-based businesses present challenges to the owners that run them. For owners that provide services out of a home residence, caution must be taken to comply with local regulations, including any home-owners association regulations. Owners must ensure that insurance coverage is purchased that covers any accidents that may happen in the home. For high-risk businesses, ensuring that the company maintains a clear and distinct identity can help business owners keep everything they have worked for.
Even if services are not provided directly out of the home, but rather the main office is out of the home (i.e. a construction worker who provides services at the client’s place but only has an office in the home), there are issues to tackle that aren’t present for other companies. Maintaining accurate records of the amount of the home used as a home office can mean the difference between a deduction on your tax return and no deduction.
Business formation decisions can help home-based business owners save money on their taxes and increase the chances of a court finding limited liability on the part of the owner in the case of accidents. However, many home-based business owners fail to consult an attorney to determine if changing the way they do business would help them.
If you are thinking about starting a home-based business, or already have one and want to find out if you may benefit from having a new business formation structure, please call your Denver Small Business Attorney Elizabeth Lewis at 720-258-6647 or email the the Law Office of E.C. Lewis, P.C. at Elizabeth.Lewis@eclewis.com for your business assessment today.