If you've decided to start your own business, congratulations! That's a huge step in life. No longer having a boss because YOU'RE the boss is a big deal. That being said, you don't want to go into this new venture blindly. There are many legal aspects you should keep top of mind as a business owner. Our business attorneys at the Lake of the Ozarks are here to give a few legal tips for the aspiring business owner, in this week's blog. If you own a business and would like some legal advice from the experts, please call Gibbons Law Firm today. We can be reached at (573) 348-2211. Give us a call today for your consultation, the first one is FREE.
Legal Tips for the Aspiring Business Owner
PROTECT WHAT IS YOURS.
Intellectual property is a BIG deal for any business but can have a devastating impact on a small business. Be sure you protect this property well. Consult legal assistance when it comes to safeguarding your intelligence. Trade secrets, trademarks, copyrights, and confidentiality are all examples of intellectual property. When hiring a new employee, be sure they are clear as to what information they are privileged to and what they are not allowed to disclose to others outside the business. This can help to keep your vital information safe and help you legally protect this property.
STAY ON TOP OF NECESSARY CONTRACT UPDATES.
Once you have your legal contracts reviewed and ready to go, that's not the end of the road. On a regular basis try to have your business lawyer review these documents. With each year, you may need to make updates to your contracts in order to stay up with any loopholes that may come about. It's also important to update any dates or other information to ensure they are still relevant.
KEEP A RECORD OF EVERYTHING.
We can't say it enough - documentation is vital to the legal protection of your business. Whether it's a new employee being hired, contracts with customers, or outsourcing your marketing - keep good documentation of all agreements. This can help to protect you and your business, should a conflict arise. If you have everything documented well, you can easily prove your side via the paperwork you have on hand.
DOCUMENT THOROUGHLY WHEN YOU HAVE TO FIRE SOMEONE.
Many small business owners utilize friends and family, especially when getting started. While this can be of great benefit to the business owner, it's important to ensure you treat these employees just like everyone else. It's also vital to keep good documentation when letting an employee go. Document the reasoning and conversation that takes place, when firing an employee.
Legal Business Advice From An Expert Can Help You Tremendously!
Prepare for the worst and hope for the best. Have you ever heard that saying? It doesn't hurt to be prepared for any legal situation that could happen when owning a business. We hope you found these legal tips helpful. If you have any questions or would like to sit down with a legal expert at the Lake of the Ozarks and discuss your business over a consultation, please give us a call. We can be reached at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.
Remember, your initial consultation with Gibbons Law Firm is always free.