Log In How to legally protect your business
When you’re starting a business, making sure you’re legally protected is probably pretty low down the priority list right? It can feel overwhelming (not to mention expensive!) figuring out how to legally protect your business.
But it doesn’t have to be! With the help of Visa and Morrison Foerster, we’ve identified 4 key areas you can focus on to get your business in top-tip legal condition – and it’s totally free to get started 🥳
Sorting your structure
As you’re developing your business, it’s important to address the structuring so that you’re legally sound.
Some of these options include:
- sole proprietorships
- limited liability companies (LLCs)
- corporations
Each option will come with pros and cons and will have implications on tax, liability and how the company is run, so it’s important to do your own research to find out which option best aligns with your business goals.
Operate like a pro
Once you’ve nailed your structure, it’s important to ensure your day-to-day operations are legally compliant with any laws or regulations that affect you and your industry. These will include industry-specific regulations, consumer protection laws, data privacy regulations, and employment laws.
Once you’ve checked the laws that affect you, remember to put policies and procedures in place to ensure your business runs smoothly! There are lots of amazing free templates out there to help you write policies and you can always talk to one of our legal mentors free of charge to run through any policies or procedures you’d like a second pair of eyes on.
Get ahead of future liabilities
It’s never nice to think about the ‘what might go wrong’s but being proactive and getting ahead can make a HUGE difference to you and your business.
As your business grows, take the time to reflect on any future threats that might occur and try to think about how you might get ahead.
Two things two focus on are contracts and insurance. Make sure you’re covered with the right insurance (you might like to look into general liability insurance, professional liability insurance and product liability insurance) and that if you need contracts, they’re set up properly to protect you and the person you’re working with!
Being mindful of these two things will help you avoid difficulties in the future 😊
Understanding Intellectual Property
We know as a business owner when you’ve worked so hard to create your unique business, the last thing you want to worry about is someone copying your idea! That’s where Intellectual Property (IP) law comes in 💪
So what counts as an Intellectual Property Asset?
- trademarks
- copyrights
- patents
By identifying and protecting assets like those listed ensures that your products and inventions are properly protected as you grow your business!
Summing Up
You don’t have to do everything at once, but being aware of these 4 key considerations means that you can be proactive in protecting your business and potentially save yourself time and money!
Take your learning one step further with this handy Masterclass from Visa and Morrison & Foerester.
