- 2/151 Vikalp Khand, Gomti Nagar, Lucknow, Uttar Pradesh, 226010
- +91 7355693476 , 7565055557
- info@solastaeventss.com
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Regulations
Legal Requirements for Event Planning Businesses
If you run your own firm, you may already be taking care of some of these. But it’s a good idea to review in case there are any fresh (or even unexpected) legal difficulties that you hadn’t thought of before.
Pay business taxes
If you don’t have your own tax counsellor, you should start by studying frequent tax problems, such as accurate paperwork and specificity of deductions.
Problem
In your first year as an event planner, you neglect to pay quarterly taxes because you haven’t had a lot of clients. Your tax preparer notifies you at the end of the year that the company was in charge of making quarterly IRS payments.
Solution
Consult with a certified tax expert to ensure that your company is registered with the government correctly. Additionally, be sure to budget the correct amount of taxes you will owe from each and every job.
Get a business license
For failing to have the proper documentation in place when you first start out, several cities will punish you or halt your business operations.
Problem
You receive an enigmatic letter in the mail from your city’s small business office asserting that you owe them a huge lump payment since you failed to obtain the necessary licence.
Solution
Pay the fine right away and register your company. Online or over the phone, your local office ought to be able to guide you through the procedure. A small upfront investment can save significant unforeseen costs in the future.
Create the right client contracts
Every event planning agreement you draught for a client should contain a number of clauses that completely protect both parties in the event that something goes wrong.
Problem
A longtime buddy contacts you to ask for your help planning a sizable event. You believe you might as well avoid the awkwardness of asking them to sign anything since you already have a relationship with them or have done business with them in the past. Then, when you’re in the middle of organising the event, something unforeseen happens, and they decide they no longer want to pay you for your work.
Solution
Always have a contract in place, that’s the answer. Always. Not only does it safeguard your company, but it can also establish expectations, define the range of your job, and improve communication in case problems arise.
Get ahead of business name disputes
A short Google search could prevent a legal battle. Don’t let rival companies claim that you borrowed their name (even the ones with outdated websites and inactive social media profiles).
Problem
After registering your business name and acquiring your legal licence, a corporation alleges you shamelessly copied them and sends you a cease and desist letter.
Solution
Start by conducting research. It’s worth it to start over from scratch if you don’t and find yourself in this scenario, especially if they’re threatening legal action. I’m sorry, but no company name is worth everything you may lose if you sued them.
Secure Commercial General Liability Insurance
Whether you organise corporate events or private parties, getting insurance is the most crucial thing you can do to safeguard not only your company but also your entire career.
Problem
A senior citizen breaks their wrist at your event after tripping over a light cable. They claim that you caused the accident, and their insurance gets in touch with you regarding the hospital fees.
Solution
As with the most of the issues on this list, the solution to this issue involves some advance planning. Choose the insurance that best suits your demands, but make sure you have it prepared well in advance of your first event.