After months of thinking about it, you finally made up your mind – you’re going to start up a small business. You felt stuck with your 9-5 job, and you think you need another avenue to showcase your skills, that’s why you think having a small business is the key to all of your problems. To get the ball rolling, you already started to acquire supplies, hire the best people and set up your own store in your area. You also hyped up your business offerings by being present on different media platforms. While doing all of these can be beneficial for your business in the long run, have you considered the legal considerations you should make before starting a small business? Because yes, these things are important too. To give you an idea of what are these legal considerations, read on below to know more:
- Trademarks: Just because you never heard of a specific brand name in your country doesn’t mean that you can use it for your own. Thousands of dollars have been spent by large businesses in trademarks lawsuits, and you don’t want to be in that situation, right? Talk to an IP lawyer to make sure that the trademark you’re planning to use is original and has not been used by any existing business.
- Non-disclosure agreements: When you’re still a neophyte in the industry, you hire the people whom you already trust. And because you’re already familiar with these people, you have the notion that they can keep whatever is “top secret” in your business, but you could be wrong. Most people don’t even know what non-disclosure agreements are. This is the reason why you need contracts in every transaction of the business. Everything that has been mutually agreed by different parties should be put in paper, so everyone is on the same page – literally.
- Intellectual Property: Yes, your business might be starting off from scratch, but that doesn’t mean that you can’t come up with anything creative that’ll make you a stand out among businesses. When you come up with your unique processes or products for example, it’s difficult to have issues with people who are infringing your intellectual property To stray away from this situation, make sure that all of your trademarks, copyrights, and trade secrets are legally registered so you won’t have to be stressed about them if and when issues arise in the future.
- Business structure: There are several types of business structures which your business can use. You can decide to have a sole proprietorship, partnership, corporation or company. If you still don’t have any idea which structure to follow, looking into the legal considerations for the different types of business structures might help. This can affect your business’ acquisitions, mergers, and funding so see to it that you’re prepared to handle all of these once you decide what business structure to use in your business.
Digesting all of this information might seem taxing, but you don’t have to go through all of these alone. You can always seek professional help from a business and contract law attorney like this one here. Once you work with them, you can guarantee that your business will be running smoothly in the years to come without violating any state laws where your business is operating.
Having your own business can be rewarding – you get to work at your own pace while having enough time to take care of your family. You also get to earn in doing the things you love. But before you can get to that stage of fulfillment, everything in your business should be set up firmly first. Keep in mind that how you establish your business on Day 1 can impact how well (or bad) your business will do over time, so make sure that you do it properly in the beginning. Your plans for your small business should not only include the products, the employees, and the customers but you should not forget about the legalities associated with the business too.