Today I'm answering a question about how we should handle competitors who have exclusive deals with other vendors.

What is the legal entity of your business? 

If you respond "I don't have one" that means you are either a sole proprietor or a partnership (if there are two or more of you).  You may need to form a new legal entity this year — but that is a topic for another blog post.

If you have business that is a separate legal entity from yourself — a corporation, Limited Liability Company (LLC), or another such entity — you need to be honoring that "separate-ness."  Small business owners, especially one-person shops, commonly are being too casual about business practices, ignoring the "red-tape" of administering a corporation or LLC.

Why does it matter, especially if you are a one-person shop?  More on Are You Honoring Your Entity?

Question:  Do I really need to get business liability insurance for my home business? 

Answer:   Yes …    More on Do I need business liability insurance for my home business?