Business owners often make costly mistakes that can be easily avoided by hiring a business attorney. In this post, we will discuss five of the most common mistakes and how a business attorney can help you avoid them.
1. Not having an LLC or corporation
When you start a business, it's important to set up the proper legal structure from the beginning. This means forming an LLC or corporation. By doing so, you will protect yourself from personal liability in the event that your business is sued. A business attorney can help you with this process and ensure that your company is set up correctly.
2. Not registering trademarks
A trademark is any word, name, symbol, or design that represents your company and distinguishes it from others in the marketplace. It's important to register your trademark with the USPTO (United States Patent and Trademark Office) to protect it from being used by others. A business attorney can help you file for trademark protection and advise you on how to use your trademark correctly to prevent infringement.
3. Failing to get contracts signed
Whenever you do business with another party, it's important to have a contract in place which spells out the terms of the agreement. Without a contract, there is no guarantee that either party will uphold their end of the deal. This could lead to costly disputes and legal action. A business attorney can help you draft contracts that will protect your interests and ensure that both parties uphold their end of the bargain.
4. Not protecting your intellectual property
If you have developed any type of intellectual property, such as a patent, copyright, or trademark, it's important to take steps to protect it. Without protection, others can easily copy or steal your ideas and profit from them. A business attorney can help you file for patents and copyrights and advise you on how to best protect your intellectual property.
5. Ignoring the employment law
When you have employees, there are a number of employment laws that you need to be aware of and comply with. These laws cover topics such as minimum wage, overtime pay, discrimination, and more. If you ignore these laws, you could face hefty fines and even jail time. A business attorney can help you ensure that you are in compliance with all applicable employment laws.
Hiring a business attorney may seem like an unnecessary expense, but it can actually save you a lot of money in the long run. By avoiding these five common mistakes, you will put your business in a much better position to succeed.