Starting a business can be an exciting and rewarding experience, but it also comes with a unique set of challenges and risks. You are undoubtedly well aware, as a business owner, that your organization needs business planning and legal protection, but are you familiar with the specific areas that you should focus on when it comes to protecting your company?
Business Planning: How to Legally Protect Your Business in 2023
One of the most important things you can do to protect your company and set it up for success is to work with a business law attorney. They can provide valuable support and representation in the event of a legal dispute or other legal issue, as well as help you navigate the legal challenges that may arise as your business grows and evolves.
To get you started, here are some important things you need to know to protect your business in the new year.
#1 Become Familiar with the Laws Applicable to Your Industry
It may seem simple, but an important step to protecting your business is to be aware of any applicable laws that may apply to the operations and activities you will engage in day-to-day operations.
It would also be wise to engage with a lawyer who focuses on the legal matters that are most pertinent to your specific industry or line of work. There will always be questions and some risks associated with operating a business, but you can minimize these risks by being proactive by hiring an experienced legal advisor to assist you.
#2 Understand Your Business Obligations
Make sure you comprehend the legal responsibilities that your business has. It’s essential to obtain legal counsel if you’re unsure of what these requirements might be for your specific business. Additionally, be sure that your staff members are aware of their responsibilities and roles as they pertain to potential legal ramifications for your company.
#3 Get Everything in Writing
You’ve probably heard it before, but we cannot overstate the importance of recording everything in writing. Use legally enforceable written documents, such as contracts and agreements, whenever possible. Having documentation provides protection since it is legally obligatory of all named parties to abide by the terms and conditions of the agreement or contract.
Make sure that you read every document carefully before signing it to make sure you agree to all clauses. It is strongly recommended that you have a business law attorney review all contracts and documentation before you sign anything pertaining to your business.
#4 Use a Commercial Insurance Provider for Your Business Operations
Consider getting commercial insurance once you start your business. This includes any type of commercial operation that deals with real estate properties, employees, suppliers, or customers.
Business insurance can help in the event that your business encounters any issues, such as a dispute with another company that results in legal action against your organization.
#5 Take Precautions for Intellectual Property
You must safeguard your company’s intellectual property in addition to its tangible assets. Things like patents, copyrights, trademarks, and trade secrets fall under the category of intellectual property.
It’s crucial to become familiar with the categories of intellectual property in order to understand the differences and the requirements for each. This will not only help protect your own intellectual property but will also prevent you from violations that could lead to legal action against you.
#6 Have a Tax Advisor by your Side
While it is important to have a business lawyer, it is equally important to have an accountant by your side as well. A CPA is valuable and a great resource for any type of business.
Avoid Legal Errors in Your Business with Proper Business Planning
Working with a business law attorney can be a valuable investment in the success and protection of your company. Make sure your business is protected in 2023 by contacting Apfelbaum Law for a confidential consultation.
