Every small business comes with its own issues, but some issues are universal and can be easily avoided if you plan ahead. Use this list of commonly made mistakes to dodge potential business killers in the future.
- Get a patent, copyright, or trademark. Make sure to make the necessary arrangements so that your intellectual property is safe. If you do not, another company may take your ideas and get them patented for themselves. An attorney can help you to take the right steps towards getting patents, copyrights, and trademarks, and make sure you are not infringing on existing intellectual property.
- Establish the right legal structure. Find out which legal structure is best suited for you, whether it’s LLC, C or S corporation. Each structure has its own pros and cons.
- Have a shareholders agreement. If a primary shareholder leaves or you want to sell the company, not having a shareholders agreement to direct you will cause friction. An attorney can write up an agreement to guide the other shareholders in the event that one of them leaves or dies.
- Protect your customers. If you do business online, make sure to invest in proper hacking protection to prevent customer data from being stolen. If you do not have reliable protection, you could face a lawsuit if a customer’s information is stolen from your site.
- Create a human resource handbook. Make sure to have some form of employee guidelines and policies to protect yourself from legal action from employees in the future.
These are just a few of the legal mistakes that ensnare small business owners. In order to protect your business and yourself, you should speak with a business attorney who can assist you in setting up or updating your business to avoid any issues in the future.
Garland & Mason, L.L.C.– New Jersey Attorneys