Running a small business is rewarding, but it can be disastrous if legal issues get in the way. It is best to take the correct precautions and prepare everything in advance by meeting with a small business lawyer. These are four of the most common small business legal mistakes and how to avoid them.
Failure to have a Strict Business Plan
A well-thought-out business plan is critical for any entrepreneur looking to start a business. They are important because they lay out a plan for essentially everything, such as objectives, purpose, vision and means of operation. A business plan should have an answer for any problem that may occur. Without one, you may be left to solve a problem by yourself, which could lead you to legal troubles.
Failure to Address Employment Issues
When it is time to add more employees to your company, it usually means the business is showing signs of growth and success. However, one mistake can be a legal liability that can drag your business down. Issues with harassment or regulations can lead to forking over a lot of money. It is recommended to do thorough research involving local, state and federal laws for employees and employers to protect all parties involved. Having an employee handbook that lays the law out can prevent a lot of mistakes and explain everyone’s rights.
Failure to Protect Intellectual Property
It is important to differentiate the types of intellectual property and protect each type early on in the operation of the business. This includes patents, trademarks and copyrights. Trade secret law protects information that is not given to the public (such as a family recipe). The business should maintain secrecy of the information by having a strict non-disclosure agreement.
Failure to Hire Legal Services
Whether you have a quick question or are facing a major issue, it’s important to contact a small business lawyer for any business legal services you need. An attorney can help you avoid legal issues by helping you set up your business properly in the first place, help create employment policies and answer any future questions that may come up in advance. San Antonio small business attorney Dan Burke offers a wide array of business legal services. Contact Dan Burke Attorney at Law to see what can be done for your business.