How To Give Your Business Legal Protection

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Credit: | How To Give Your Business Legal Protection | Starting your own business requires a lot more work than building a product and selling it for profit. You need space to sell the product, the proper licenses and insurance, a company name, and so much more. Owning a business also leaves you vulnerable to legal fines or lawsuits. Protect your business with the top legal ways to protect you business.

Register Your Business

Register your business before doing anything else. This protects your company’s unique brand, as long as you perform a national search to ensure another company isn’t already operating under the same name. Filing for a federal tax ID turns your business into a legal entity and protects its name. Purchase domain(s) using your business name as well. At minimum, buy the .com. If you can, consider purchasing URLs for other popular suffixes. If you have a unique logo or brand design, you may also want to look into copyrighting or trademarking your logo.

Purchase Insurance Policies

Every business requires business insurance policies to operate responsibly. At minimum, purchase professional liability insurance and property insurance. If you have company cars, buy an auto policy. Businesses that hire employees are usually required to have workers’ compensation insurance. Depending on the type of business you run, you may need additional policies. Umbrella insurance covers a range of situations, and business interruption policies protect you in case you need to unexpectedly close your doors for a while. A tax expert can help you decide which policies best meet your needs. 

Keep an Attorney on Retainer

From the judge eyeballing you to the court reporters Phoenix, spending time in court is nerve-wracking, especially if you own a business. Hiring a competent business attorney to keep on retainer will ease your mind. A business lawyer provides guidance when you create and sign contracts, ensures you work within legal guidelines, and tries to settle any legal issues out of court or stands beside you should you need to go before a judge. Many business attorneys are also very well-versed in tax laws and can ensure you pay your taxes on time and get the deductions you deserve. 

Sign Contracts for Everything

One of the biggest mistakes people make when starting a business is not putting everything in writing. If you’re taking out a loan, get your terms in writing. Are you buying or renting property? Ensure you have a lease. Draw up and sign contracts with your vendors and employees as well. Any business you do should be in written form. Even if you work with friends or family members, signing contracts is necessary. It is the only way to protect your company should something go awry.

Add Legal Information to Your Website

Most people search for products and services online these days. This means you need a professional, well-designed website. Adding legal documents to your site helps you to remain transparent and protect your company from possible legal complications. For full transparency, add links to your terms and conditions, privacy policy, and site disclaimer in your design’s footer code. This way, they show up on every page. Digital access to these documents are especially important if you collect information from site visitors, blog, or sell online courses.

Act With Integrity

You are the face of your company. When you act irresponsibly in your personal life, your customers assume you are careless with your business as well. Both your personal and professional presence online and in your community need to remain pleasant and likable. Avoid negative talk, tasteless memes, and posting controversial opinions. The people you choose to work with factor into how your customers view you as well. If you do business with people or companies who have bad reputations, customers will think you have the same reputation. Keep in mind that anything you post online, even on a personal page, could be found. Depending on what you post, it might even lead to a lawsuit. 

You may want your new business to profit as soon as possible, but the key to longevity is to take your time and go by the book. The profits may come in slower, but when you ensure you follow the legal requirements and keep customers happy, those profits will last longer.

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