An entrepreneur may not need an advanced law education to effectively run their company, but there are a few important aspects of business law which should be understood before opening for business. These legal tips for entrepreneurs will help you operate your business and navigate the complex world of business law.
Listen & Learn
The most important legal tip entrepreneurs should keep in mind is to listen to and learn from other business owners and networking contacts with knowledge of the law. Effective networking provides valuable information and insight into the legalities of owning and operating a company. Pay attention to legal news and business publications that can help educate you on changes or complexities within business law.
Copyright & Trademarks
Every business has a certain amount of intellectual property worthy of protecting. Prior to exposing your business’s proprietary materials to people who may want to use it for themselves, educate yourself on copyright and trademark law as it applies to your business. If you are still unsure how to protect your business’s intellectual property after doing your research, consult a trademark law specialist.
Defining Your Business
Business law can change depending on the kind of business you own. Sole proprietorships, corporations and other business configurations each come with different legal situations. As an entrepreneur, you should be able to define which category of business you are involved with. While learning about general business law, study how that law relates to the kind of business you own.
Assessment & Adjustment
An important legal tip that entrepreneurs should follow is conducting an assessment of their business’s compliance with local and federal laws. Once the assessment is complete, make any adjustments needed to ensure the company is operating in accordance with the laws that apply to the industry and area in which you work.
As an entrepreneur, you probably hire someone to prepare your taxes, design your website and even clean your offices. It stands to reason that you should consider hiring an attorney who specializes in business law to handle your company’s legal matters. As soon as you hand a lawyer a paycheck, it is his or her duty to protect the interests of you and your company. If you find yourself overwhelmed trying to navigate business law, consider hiring a dedicated business attorney.
Business law can often be complex and difficult to fully comprehend if you are not a specialized expert. Entrepreneurs should follow these tips to ensure their business is being run legally.