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Making the decision to start your own business can be exciting, but it also comes with a significant amount of responsibility. It's important that you are establishing your business correctly from the beginning to avoid potential problems in the future.
Here are three legal tips that you can keep in mind when attempting to start your own small business:
1. Separate your personal and professional assets.
If you want to ensure that your professional activities don't have an impact on your personal finances, then you need to keep your personal and professional assets separate. This can be done by establishing a legal entity that will serve as your business.
A single individual can work with an attorney to create a limited liability corporation (LLC). The LLC will serve as a legal entity through which you can conduct business as you strive to enter today's competitive market. The LLC will shield your personal assets from being involved in your business, allowing you to protect your financial future.
2. Protect your intellectual property.
Intellectual property plays a critical role in today's business landscape. It's important that your company take the time to brand itself in order to become more visible within the market.
Your company's logo and slogan will serve as reminders that consumers will use to identify your company over time, so it's important that you protect these items from use by a competing company trying to divert business away from your startup. Be sure that you work with an attorney to file the appropriate patents and trademarks needed to protect your intellectual property.
3. Put everything in writing.
You should work closely with an attorney to draft a series of contracts when creating a startup company. Contracts help to protect both parties involved in signing them, and they are vital to the future success of your small business. You should have employment contracts, rental agreements, and even supply line contracts in place at all times.
A business law attorney can help you create standardized and specialized contracts that will protect the legal rights of your company, and your attorney can help you evaluate contracts that you are asked to sign by others to ensure your rights are not being violated.
Protecting your business from potential legal problems is critical when it comes to ensuring the future success of your company. Work with an attorney to establish a legal business entity, protect your intellectual property with patents and trademarks, and create contracts that will protect you in the future.
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