Protecting your business from legal fallout isn’t always at the forefront of your mind when you focus your efforts on growing your small business. There are plenty of other areas (tax, super, business, intrapersonal, and marketing) that your focus is probably on. However, it is a necessary preventative measure to take. For protecting your business from potential legal issues, follow these simple steps:
- Use written agreements: Don’t rely on oral agreements between parties alone. You should confirm everything in writing. Further to this, using agreements applies to any new relationship you establish as a business. In addition, the use of agreements ensures that all terms are clearly understood because there is less scope for misunderstanding.
- Keep up-to-date paperwork: Having updated documentation and record-keeping is integral. Maintaining paperwork is essential for taxation and auditing purposes.
- Do your research: It will be beneficial if you have a basic grasp of the legalities associated with your business. Although there may be other industry-specific ones, general areas to build legal knowledge include intellectual property, finances, employment and labour, marketing and advertising.
- Register intellectual property: Protecting your intellectual property is vital. It would be best to protect your creative ideas and designs by registering trademarks and copyrights where possible.
- Obtain professional legal advice: If you have any legal doubts, it is crucial to seek advice to clear things up. You could opt for a one-time consultation or continued representation – depending on what your business needs.
The Moral of The Story
Preventative work prepares you for the best possible outcomes. Clear communication and documentation will help prevent problems. When in doubt find a professional and ask what you might feel is a silly question. A silly question is usually one not asked.
If you want to discuss this further then please feel free to contact us.
