Legal Tips for New Entrepreneurs

Legal Tips for New Entrepreneurs

| Mar 29, 2017 | Business Law |

If you have always dreamed of owning a business and finally decided to take the plunge, you need to be informed and aware of any and everything that may get in your way. While this may seem a bit overwhelming, you can take it one step at a time. A good place to start is with the legal tips highlighted here. Keep in mind, hiring a business attorney is a great way to ensure you avoid some mistakes and wrong turns along the way. They can be an excellent source of information and help when starting and growing your business.

Always Use Written Contracts : When you run a business, you can rely on an oral contract to protect your interest. While there are some oral contracts that can be enforced, do you want to take the chance? Or, have to deal with the challenging process of proving what was said? It is a good rule of thumb to commit yourself to putting every agreement – regardless of how small or insignificant it may seem – in writing and have both parties sign. This will help you protect yourself and your newly formed business.

Categorize Your Workers Properly : While everyone wants to hire independent contractors to avoid paying taxes, this isn’t always a smart move. If your contractor is acting as an employee, then they are an employee. If you don’t categorize your worker properly, you may face serious penalties and consequences. It is best to just do it the right way from the beginning to avoid any serious issues that may arise.

Register Business Domain Names : Make sure you register a few domain names that include the name of the brand you are trying to establish. There is nothing worse than trying to build a brand and discovering that some “cybersquatter” has purchased the domain and wants to sell it to you for an obscene amount of money. If you are proactive and register these names early, it won’t be an issue.

Register Your Trademark: The trademark is the legal basis of all brands. It is the logo or the name that is associated with the service or product being offered. When you register your trademark, it will protect you from having no recourse if someone else uses a similar mark for the same service or product without first getting your permission. While you may not be worried about his at first, when you have built a successful brand, you will be glad to have the trademark in place.

Create a Business Entity: This is perhaps the most important thing you can do for your business. Create a business entity – such as an LLC. This will allow you to keep everything separate. You don’t want to mix business and personal finances or assets, and with a business entity, this isn’t an issue.

Starting a business is challenging, but it can be well worth the effort. If you need help along the way, hire a business attorney. Contact the attorneys at the Low Offers of Peter M. Feaman, PA by calling 561-734-5552 to schedule a consultation.