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Critical Legal Tips for Startups When venturing into a commercial activity that has very promising prospects, it’s easy to overlook some of the legal issues around your operations, and that can be problem in future. The good news is that you can preempt future distress, such as from litigation and financial losses, by taking into account all legal matters that pertain to business overall as well as matters of law that regard your exact type of business. Adhering to Legal Requirements When you’re just starting out, successful takeoff involves adhering to all legal requirements. It may be important that you hire a business lawyer to counsel you on all the requirements of law that pertain to your startup, such as licensing.
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When you’re producing an original product that you invented yourself, you ought to copyright it as your own intellectual property to give it protection against theft or unlicensed application, in which case, you may need the help of an intellectual property lawyer. In addition, do not wait for a lot of time to pass and you’re being taken to court for use of protected trademarks, leaving you with the option of expensive litigation or changing the naming of any of your products, and in certain cases, your whole business. Carry out research, which is possible online, and get a lawful trademark before employing it. Contractual Agreements Many enterprises that get their contracts wrong, end up regretting why their didn’t involve a business lawyer prior to agreeing to any deal. Contracts are extremely essential, whether between your company and suppliers, staff, or clients. Another opportunity for stress is handshake deals, which, although may be honored when you have a great relationship with the other party, are difficult to legally enforce when there’s any breach of terms or expectations. To ensure the safety of your business interests, make sure that the contract you sign is in writing and includes all terms and conditions. Employee Agreements It’s inevitable that some of your staff will leave your important company sometime in future. Make sure that you have clearly written letters of appointment with protective clauses, such as non-compete. You will prevent loss of time and money by having employment contracts, in case your employees have to leave. Defaulting Customers When you’re not protected legally, customers may use your products and disappear without paying, leaving you with no recourse. That’s the reason why customer contracts make sense. Legal Documentation Documentation is very important to a business, both during startup and later. Thus, collect all the documentation that pertains to your company. Store properly vital documentation, including client contracts, employee offers, and confidentiality agreements. Involve your business lawyer in drafting and reviewing all aspects, including the fine print before making any commitments.