1) Keep Good DocumentationAs a business owner, it's important to put everything in writing. Document your formal activities like hiring, firing, accounting information, and other internal decisions. It is vital to protect what you've worked so hard to create. Keep good records of anything that happens pertaining to your business, and keep these documents organized. Time is important with legal business issues, so finding the proper documentation quickly is important.
2) Treat All Partners and Customers the SameMany small business owners conduct business with friends and family. While this is usually beneficial for your business, it’s important to keep it professional. If you have a family member working for you or are doing a project for a close friend, treat the situation like a typical employee or client, and keep your documentation in order. Think ahead for if and when this partnership or working relationship will dissolve or come to an end.
Safeguard your trade secrets, trademarks, copyrights, and confidentiality. Ensure your intellectual property is properly protected. When hiring a new employee, be sure your documentation is worded accurately and you have a lawyer conduct a review of your confidentiality and non-compete agreements. Much time, money, and effort may be required to protect your business without this proper documentation.
3) Guard Your Intellectual Property
Before hiring someone on, communicate clearly your expectations. An employment agreement is a document to establish straightforward expectations and rules for everyone to follow. Company policies are another piece of information that should be included with this agreement.
5) Seek Out Legal RepresentationWhile you are the expert of your own business, the legal world is a whole different arena. It's important to have a legal professional help you set up these documents to ensure you have your bases are covered. Your lawyer can also keep copies of your legal documents in case you need them!
Hopefully you’ve learned more about some ways to protect your small business. We can help you implement these legal protections that your business may need. While taking these steps can help keep your business out of legal turmoil, Gibbons Law Firm can help to represent your small business should a situation arise. Remember, your first consultation with our law firm at the Lake of the Ozarks is free! Give us a call today to schedule an appointment to legally represent your small business venture.
Remember, your initial consultation with Gibbons Law Firm is always free.
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Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049
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