What Contracts Do You Need For Your Business?

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Are you aware of the legal protections your business needs? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a lawyer with experience in contract law. She explains the different types of contracts businesses need for protection.

Andrea Sager highlights that having a privacy policy, terms of use, service agreement, employment agreement, and independent contractor agreement are essential for most businesses.

She provides valuable advice on when to use a template or hire an attorney for custom contracts and how to protect yourself if you’re working with an LLC, she outlines her best tips for creating meaningful agreements with clients and cautions against signing any document without reading it first.

Tune in now to learn the importance of signing contracts and how to do so respectfully and professionally! 

[00:01] When To Get Custom Agreements Versus Contract Templates

• Mike welcomes Andrea Sager to the show!
• When money or value is changing hands, a written agreement should be in place
• Privacy policy and terms of use are required by federal law for websites

[03:47] Why Is It Essential For You To Have Contractual Agreements

• She discusses the terms of use and agreements with regard to product-based businesses and service providers
• Employers need an employment agreement to lay out rights, duties, expectations, and benefits for employees
• Contractors need an independent contractor agreement
• She recommends talking to an attorney to make sure proper contracts are in place when generating business income

[08:15] Protect Your Business With Contract

• An LLC provides protection from legal liability and should be included in contracts
• Contracts should lay out the rights and duties of both parties
• An email agreement with an offer, acceptance, and consideration can form a contract
• Running a business for years without contracts should consider changing into a contract-based business moving forward 

[12:27] Closing Segment

• Andrea provides listeners reasons for having contracts include needing a line of credit from a bank or wanting to button up business operations
• Final Words

Key Quotes

“Keep in mind, anytime value is changing hands, that's when you want to have a written agreement.” – Andrea Sager

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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