If you want your business to be successful, then you have to make sure that you avoid some of the top legal mistakes that most businesses make.
Maintain Good Counsel
It’s surprising that nearly 50% of small companies have never actually talked with a lawyer. Good counsel is crucial if you want your company to be a success. It can also give you a strong competitive advantage as well if you are a business owner. The problem is that small business are often under the misconception that good counsel is both complex and expensive. This is not the case at all, and good counsel doesn’t need to be expensive. With that in mind, you may even find that your lawyer pays for themselves by simply giving you the legal support you need to avoid potential situations from happening.
Not Incorporating
Most businesses are sole proprietorships. There is no legal distinction between the company and the owner. This structure comes with its pros, but it also comes with cons as well. If you are able to incorporate your company then you will be able to create a separate legal entity and this will help you to generate income as well as to conduct business. Another mistake that people make is choosing the wrong type of business entity. There are many to choose from, which include LLC, S corporations, and even C corporations. Each one will come with different implications, so you have to make sure that you look into all of your options. Remember that it’s more than possible for you to hire truck accident lawyers as well if you work in logistics.
Not Protecting your Intellectual Property
If you do not protect your intellectual property, then it doesn’t matter what ideas you come up with because you can lose control of everything at any minute. A trademark will distinguish and identify your product. You can easily acquire trademark rights at an early date, but you need to be able to enforce them. This can be done by registering your trademark with the relevant authority. Copyright works and even applies without any registration whatsoever. If you want to protect the rights of your copyright, then you need to have the copyright symbol.
Trade Secrets
Trade secrets can include your business practices or even your knowledge. They can be very valuable. If you look at the recipe for Coca Cola, you will soon see that they have managed to keep it under wraps for well over a century. You need to try and do the same if possible. At the end of the day, it’s very possible for you to get legal protection for this as well and it can give you the chance to safeguard all of your secrets with ease. It’s also important for you to ask anyone who might have access to your trade secrets to sign a contract stating that they won’t leak it. Little things like this could easily help you to protect your legacy and you may even find that you are able to safeguard your future within the company, so it’s super important to keep that in mind.
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