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If you are running a business or just starting out, you probably already know there is legal minefield out there. To overcome it, it helps to have some practical insight. Here are a few tips you might want to keep in mind. 1. Avoid Oral Contracts In most situations, oral promises to do things are unenforceable, so avoid them. When it comes to contracts, the only thing important is what is in writing. 2. Legality of NCA Many businesses ask their employees to sign non-compete agreements, also known as NCAs. Keep in mind they are illegal in some states! 3. Trademark Decisions When should you make the decision to get a trademark? As soon as possible, but only when you have a couple grand you can spend on it. 4. Copyright Office Information All copyrights must be filed with the Copyright Office. It is a department of the Library of Congress. 5. Financing New Businesses Starting a business usually requires money. Many people make the mistake of first offering ownership interests in exchange for cash. Use this as a last resort. 6. Business Ownership Planning At the outset of a business start up, it is hard to image worrying about owners leaving. Well, you need to sit down and plan out scenarios with the owners. It is easier to negotiate difficult subjects before revenues are made. 7. Avoid General Partnerships Never form a general partnership unless you have to. This business form leaves all partners open to joint and several liability. This means everyone is entirely responsible for the debts of the business. 8. Agency Controlling Trademarks Trademarks are controlled by the same agency that controls patents. The agency is the Patent and Trademark Agency. And you thought law was confusing. 9. Going Ecommerce? Most startups dont think about going online before opening a brick and mortar office or shop. If you can get the hang of web design, it is much cheaper to start online. 10. The First LLC The first limited liability company came to us from Wyoming. To attract tax revenues, Wyoming passed a law allowing them in the late 70s. At the end of the day, your specific situation is key to the legal issues confronting you. The best way to run your business is to have a handy lawyer a phone call away in case you need advice. Do it right the first time and you dont have to worry about lawsuits.
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