If you're going to own a business that means something and makes money, you will have several types of legal considerations before you open your doors or launch your campaigns.
If you're going to own a business that means something and makes money, you will have several types of legal considerations before you open your doors or launch your campaigns. This article covers nine points to ponder that bring success for the long-term...
Before you begin, make these legal considerations in the workplace - your workplace.
Starting a business can mean finally following your dreams and doing something you’ve always wanted to do. It can mean:
- Pursuing your passion
- Finding joy in the work you do each day
- Being in charge of your own schedule
Becoming your own boss can be an extremely exciting prospect, but there are some aspects that need thorough vetting before you decide whether it is the right move to make. With that in mind, here are nine legal considerations to make before starting your business.
1. Employment Law
If you intend on hiring staff for your business, whether now or in the future, you must familiarize yourself with employment law. Hiring an experienced human resources consultant can help you to come up with job descriptions and terms of employment.
When dealing with staff members, it’s so important to prioritize equal treatment, treating them legally and fairly in all situations. Failing to do this may result in a bad reputation of your company and even bring your business subject to expensive court cases.
2. Health And Safety
Health and safety legislation has been tightened over the years, so it’s more important now more than ever to ensure this is covered in your business strategy. Your premises should be safe. Testing and certification should be carried out as required.
Hazards must be taken into consideration and dealt with too, as you could be liable for any injuries or environmental infractions if appropriate education is not extended and regulations not trained and updated.
3. Legislation Specific To The Industry
Some legislation will only apply to certain businesses. You need to comply with any local and industry-specific legislation. Educating your staff of any changes is also key to your ongoing success, as suggested above.
4. The Legal Structure Of Your Business
The legal structure of your business is one of the most important decisions you’ll make. This will affect how you run your business, as well as how you pay your taxes and keep your accounts.
For instance, you could choose:
- Corporation
- Limited partnership
- LLC
Consider all of the liability issues that could potentially come to light with your company. Be sure to examine the type of tax structure that will be best for your business type.
5. Trademark
Always do a thorough search online before you decide on your business’s official name. You need to know if there are any businesses out there operating under a similar name. In turn, you don’t want to infringe on another company’s trademark.
When you’ve decided on the official name, you should register this with your logo as a trademark. This means that others won’t be able to register under the same name.
6. Legal Considerations And Zoning Laws
Zoning laws refer to the types of activities allowed within a certain area or district within a municipality. You’ll need to consider the area where you plan on having a shop or an office.
The area must be zoned for the type of business you want to start. Doing your research and inquiring with local government bodies will ensure there’s no confusion.
Assuming your zoning is appropriate could cause big problems in the long-term. Always check - even if there are similar businesses nearby.
7. Insurance
Most businesses need insurance, but the type depends on your business operations and whether you have employees. You don’t want to leave yourself vulnerable to compensation claims.
Look into options such as liability insurance and professional indemnity.
8. Confidentiality/Non-Disclosure Agreements
Having the right agreements is important if you’re planning on working with a bank or other partners for business finances. These parties will have access to business information that you probably want to keep private. So preparing appropriate agreements and making sure they are signed will help protect your venture.
A trusted firm can help you every step of the way, and using things like matter management software can ensure legal matters and related data are tracked accurately.
9. Ethical And Legal Considerations Regarding Contracts
Getting your business up and running takes a lot of patience. You may need to wear multiple hats. Whenever you’re dealing with contracts you should have a trusted lawyer by your side to check any document you would eventually sign.
An attorney can review contracts with a fine tooth comb, and help you fully understand the terms of any potential agreement. You may also find it helpful to have one with a defined relationship to talk you through legal consideration relating to non-payment and business insolvency.
While you don’t want to prepare for the worst and get into that mindset, you should still have a 'Plan B' in place. Hoping for the best but planning for the worst is usually your best way forward.
9 Replies
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I have medicine related business and I want to hire a lawyer for legal work. Can you guide me about it?
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Loriana, Thank you for your question. It is best to make any legal considerations BEFORE moving forward with any business pursuit. Glad to see you here during your research for our medical sector business. If you are starting from scratch and have no recommendations for a lawyer, you will want to go to professionals that you know and respect and ask them if they have recommendations for attorneys in your area. Who have they had good experiences with? Who do they know that can put you in touch with a good legal advisor? You will also want to do a search for the best lawyers representing your industry and niche in your geographical area. From there, look at their online reviews. What are other people like yourself saying? You might find additional details regarding their reputation in directories of legal advisors in their niche. It is best to find someone located close to you, or a lawyer that you can be sure will make the effort to represent you from their location and travel to where they needed, if necessary. Hope that helps! ~Keri
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Thank You finally I got some useful information. I visited a lot of websites but all information was useless but you considerations are effective and informative for me. I hope you will continue providing these types of considerations. Basically I am a Student of law. Thank You a lot.
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Linda, Thank you for visiting my blog – Glad you found resourceful information here! 🙂 Happy you liked this article about legal considerations for business and that you feel it is effective. Feel free to share with friends and family. We update the blog frequently with similar insights. Occasionally on legal matters, specifically. Good luck in law school… Thank you for sharing your thoughts, ~Keri
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These considerations is very helpfull for my Lawyer business.I was confuse for growing my business.
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Hello, Glad you feel this post about legal considerations for business. You can certainly use these tips for growing a legal business, but the insights should be helpful for most types of businesses. If you are interested in information on growing your business, we frequently publish articles on business growth. You can browse the Business Growth category on this blog — There are many articles! I hope you’ll visit again. Thank you for visiting and for sharing your thoughts, ~Keri
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I have got a lot of new Information from your Page And really I like the style you wrote the article. Thank you very much for sharing a lot of new things on this page. I am physically injured as the result of the negligence and intentional act of my husband and I am looking for a personal injury lawyer or a lawyer for divorce. How and where I can find personal injury lawyer in cheap price.
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Hanna, Thank you for visiting my website and for reading this article on legal considerations before starting a business. I appreciate your kind words. Sorry that you are facing challenges. For legal advice I suggest you look for a local Legal Aid office and research your options for a good attorney in your local area. Hope you find your solutions fast! Thanks for sharing your thoughts, ~Keri
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Thanks for sharing this information! Very informative. By the way if you are searching for business lawyers, you can check Vargas Law!
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