You've established your new business entity - now what? Like most business owners, your next objective is to do everything you can to help your company thrive.
While expanding your business, it is vital to do so ethically and with legal compliance. This will help your business operate as smoothly and efficiently as possible, and help to avoid potential lawsuits and other legal pitfalls.
Although there are many factors to consider depending on your individual industry and business, below are five legal tips to help your business grow:
- Be well-informed and stay organized - It is important to understand your rights and obligations related to federal, state and local regulations. Create and maintain proper documentation for income, budget, expenditures, marketing plans, employee management and allocation of resources.
- Use written contracts and proper documentation - Create thorough and legally-sound agreements for how you plan to do business with partners, shareholders, vendors and employees - even if they are family members.
- Safeguard intellectual property - Identify and register your copyrights, trademarks, patents and trade secrets. Protect this intellectual property and make sure to not infringe on the rights of others.
- Budget for potential legal issues - Legal matter can and will arise during the everyday operation of your business. Allocate enough of your budget for legal services, particularly in your company's early stages.
- Hire the right attorney - Make sure your legal representation has the in-depth knowledge, experience and legal ability to handle your current and future needs. They should be well-versed legal matters for all phases of business, from setup and business operations to contract disputes and business litigation.