As a business owner you have a lot on your plate. From making sure your marketing campaign is excelling, overseeing the staff, and refining the budget for next year, your task list looks endless. Often lost in the hustle and bustle, are the legal issues. However, by devoting a little time to making sure your business following the proper laws, you are protecting the company from potential disaster. The best person to help you sort through the legal issues your company faces is a business attorney. Hire one who specializes in your field of business as they will be most knowledgeable about the practices.
The first area a business attorney will look at is your day to day transactions. There are many legal requirements companies must abide to in governing. The minutes of meetings with shareholders, directors, and partners must be recorded, and the election of officers must abide by state laws. By following the laws, individuals are not personally liable for company’s actions.
The next area that requires protection is the company’s intangible assets. These includes items such as the company’s name, bran name, logo, distinctive good and services that are copyrighted. Certain computer software and other creations may be eligible for trademark registration. Not only products but processes can be patented. By protecting these intangible assets through copyright and patents, a company is much safer against its competitors.
Besides property and processes, the knowledge of your employees is another crucially important asset. By requiring employees to sign non-disclosure agreements, they will not be able to take your secrets to a competitor should they leave the company.
Another important structure to have in place is an exit strategy. While when starting a business, no one imagines that a partner will leave, in reality, this very well may occur, and it is best to be prepared. The vacancy of a partner can often threaten the ability of the business to continue operations. Therefore, you need to have a buy-sell agreement or a buy-back agreement, so the partners can sell their interest in the company, and the company is not financially burdened.
When your company is protected from potential harm, you will feel much more at ease as an owner and be able to focus solely on the day to day affairs. If you would like to learn more about business attorneys, and when you should hire one for assistance, visit http://www.skjold-barthel.com to learn more.
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