The idea of running a business is exciting but it takes a lot of investment and responsibility. If you are just starting and are a newbie in the business world you some legal advice from a specialized person on the business field. A bad decision, in the beginning, can cost a lot to you and your business.
Every business at some point is going to face legal issues, but handling them in the appropriate manner and the right time is crucial for having a healthy and protected business. Laws can change with the time and as a business owner you need to do a legal checkup every other year, or why not every year. However, there are some legal issues that barely change and are almost the same for every kind of business and as a business owner, you should be aware of.
1. The right terms and conditions :
Having the right terms and conditions in business is the essential protection that every business must have to avoid the non-payment, limit the liability with the consumers and a binding enforceable contract to protect the rights with the supplier and consumers. Having this document guarantees you to make a legally compliant policy for defective items and avoiding disputes arising later. You must be aware that laws for contracting the consumer and businesses are different for each one of them and the right modifications must be done in the contract, as required by the Consumers rights.
2. The right corporate form :
The first thing you should make clear when you first start running your business is the structure of it. You have to decide how are you going to register your business as a partnership, corporation, LLC, sole proprietorship or limited partnership. This is very important and helpful because it affects your taxes, your team and the operations of your business. It is advisable to talk to a lawyer to clarify for further details and guidance.
3. Agreements with employees :
Agreements with the employees are a necessary precaution to take care of before initiating any business relationship. These agreements define the wellness of disputes that may arise because of the rights and responsibilities not being clarified since the beginning. Relationships with employees and even cofounders that are initiated without an agreement may end in fights for the rights or the ownership and cause a problematic situation in the business.
4. Business license :
To have a business is necessary for it to operate legally. You have to apply for a license and you are going to need a tax registration. If your business is regulated according to the laws, you will have to go and take the permit to operate into the right associations and authorities that will hand you the right documents to proceed.
5. Intellectual property :
It is of high importance to protect the intellectual property of your business. Intellectual property means that what you create is different from anything else on the market. This includes copyright, patents, your business logo. The identity and the ideas of your business are very important and they are protected by the trademark law. You should also make sure that your domain isn’t taken or is up to date. The moment you are registered, you will have the immediate protection and nobody can use your domain without authorization even the counterfeits. It promotes your brand and enables you to sell and license it. It also differs your trademark from other trades.
6. Protect your trade secrets :
Sometimes business companies realize too late that they have left their trade secrets and everything else unprotected. It’s really important to protect your business like intellectual property or other IP like trade secrets. No one can come up with your ideas of how to develop your business and make profits of it more than you could count. Taking care of your business means that you have to guard everything even what seems the less important thing.
7. Examine your property agreements :
In business don’t expect that every agreement you’ll make it’s going to be fair and without trying to take advantage. So the first thing is that you have to take a legal advice from a lawyer to make a proper examination of the agreements you are going to make. Be aware of signing multi-year agreements for commercial property because that is falling directly into a trap and that happens a lot. Even if you move your company, you’ll still have the payments to do and the debtors will come personally after you. Asking for legal help with debt is a must for every business. That’s the last thing you want to deal with on your business.
Nothing nowadays comes easily. But with the right knowledge and appropriate manners you can be running a healthy and successful business according to the laws.