Drew Patterson is an exceptional, multifaceted attorney. He continually strives to understand the intricacies of our business and produce results. He is highly recommended.
Business Owners: AVOID These 5 Common Legal Problems!
May 20, 2015
So, you have a great idea and want to put into action and open your own business, great! – The American Dream. But approaching your new endeavor without proper legal advice can quickly turn your dream into a nightmare. Here are 5 common issues to avoid:
- Legal Business Agreements. From the inception of your business, this should be a concern. You need to make certain that your business is organized properly. Determining the best structure for your business will save you time and money down the road. Also, appropriate operating agreements with partners and/or customers are invaluable. Clearly defined contracts that leave little open to interpretation are critical to the future success of the business. It is wonderful when your day to day business activities go as planned. However, your attorney is responsible for preparing you for when things do not go as planned. Using standard contracts available for purchase on the internet is could cost you big time later on.
- Protecting Intellectual Property. What is intellectual property? Intellectual Property can be trademarks, logos, copyrights and patents. Many business owners do not take proper measures in protecting their own intellectual property. But, how do you know you are not infringing on someone else’s property? There are ways your attorney can help minimize the risks.
- Know the law where it applies to your business. Have you ever head that ignorance of the law is no defense? Well, it is absolutely true. Sometimes it is enough to put someone out of business fast. Have your attorney review the legal nuances important to your business in order to avoid problems later.
- Employee Documentation and Treatment. From the moment you hire your first employee there are a whole new set of rules to follow. How to pay the employee? Well, you have to select whether paying them as an employee or an independent contractor would be most appropriate for your situation. There are specific documents you must keep on file for every employee. In addition to documentation, your office must also be compliant with reasonable safety standards. There are all sorts of federal and state guidelines when it comes to operating a place of business. Reviewing these with your attorney is worth every penny.
- Receiving Investment Funds. You have people that want to invest in your business, that’s wonderful! However, it is not as easy as someone writing you a check and taking it to the bank to cash it. There are agreements to be made and security laws that must be reviewed before utilizing those funds in your business. Most securities laws require these investments be registered.
The bottom line is there is more to a business than just a great idea. In order to minimize your risk of failure, you should hire an attorney who can help you navigate through all of the critical areas of business. For a consultation with our firm click here:
DISCLAIMER: The Law Office of Robert Eckard & Associates (LORE) has not been retained for this or any other matter by you until such time as a duly executed retainer is signed by you and an authorized agent of LORE and any retainer deposit paid and returned to us. Nothing contained herein is intended to create an attorney client relationship or be considered legal advice, as such, no conflict of interest shall be presumed in the event LORE is later retained by an adverse party. See Rule 4-1.18 et. al., 2006 Florida Supreme Court.