There are many scary legal issues that go along with being a photographer who run's their own business. There are a few that I want to share with you. The first is having insurance. You should have health, life, and disability insurance, but most importantly I believe is you should have business insurance. "You won't be able to complete assignments that take place in many locations...You'll have problems obtaining loans, and the risk of you losing your entire business because of a lawsuit or a catastrophic loss of equipment, other assets, or data is just too great." (Best Business Practices for Photographers by John Harrington Pg 120) The last thing any photographer wants is a lawsuit to deal with because they did not have insurance.
The next legal scary issue is something that should be avoided and can be done easily. You don’t want to be stuck owing the IRS. The best way to avoid this is by having an accountant. “If you are operating a business, you need an accountant.” (Best Business Practices for Photographers by John Harrington Pg 155) Accountants can save your life by helping you make sure you are making money and not losing or having to owe money. Make sure you keep all your receipts that have anything to do with your business. Make sure you are using your business materials for only business purposes. If you are taking advantage of using these materials for other purposes, this is a sure way you will end up owing the IRS.
So do not take having a business lightly. There are many scary issues you can get yourself into if you are not careful. These can also be very hard to get out of. Be wise and know all aspects of having a business before starting one.
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