We’re well aware of the laws that are the structure by which we live our daily lives. These laws are straightforward and easy to adhere to. Most of us, however, aren’t as versed in business law or its nuances. These laws are more complex and the terms are sophisticated. When dealing with business law, it’s important to seek legal advice from a professional, i.e. a business lawyer.
Business law affects all aspects of how a business operates. This includes contracts, taxes, and employment. Thankfully, you don’t need to become a lawyer in order to know what’s going on. You simply need to be aware of potential issues and have a lawyer on your team to help with all the legal procedures and terms.
Depending on the type of business you’re in or working with, there are specifics for each field that you should know. These are things to discuss in more detail with your business lawyer. If you are a stockbroker or you’re a small business working with a broker, you’ll want to understand the legal conditions concerning broker fraud and negligence as these are potential issues that can arise. This is only one area of business and you can see that there are specifics that you need to address.
In this guide, the focus will be on general conditions for all business types. Here is some legal advice that you need to know.
Essentially, all parties in a contract should come together and be on the same page with the contract terms and conditions. The contract should be understood at its core by everyone involved. Problems arise because of misinterpretation of the contract from an ambiguous understanding.
Understand what you’re agreeing to before you sign a contract. When you’re just starting a business, you may not be sure where to start with this. You can use online contract templates. However, it is best to have an attorney to help develop the nuances of the contract. All parties should have legal counsel to help them through and make sure they understand their duties and responsibilities.
By making sure that everyone agrees and is clear on what to expect in terms of the contract can prevent costly and often damaging litigation later on.
Straight away don’t be fool yourself into thinking that oral contracts aren’t legally enforceable. They most certainly are, however, because the details are harder to pin down, it can take a longer time to solve. So, be careful what you agree to, both oral and written.
There are contracts that need to be written to be valid. These include contracts dealing with real estate, selling goods above a certain value, and long-term contracts.
A good lawyer will advise you to strictly operate using written contracts so that specifics are pinned down and harder to negate or manipulate later on.
Tech and e-commerce companies are the most vulnerable in terms of intellectual property issues. If you don’t have a patent, trademark, or copyright, there isn’t much that can be done if your company logo, business, or branding is stolen.
Laws surrounding these things are in place to protect your intellectual and creative output along with branding and marketing efforts. Once protected under patent, trademark, or copyright it is easier to prove.
One major legal issue that is increasing each year is that of cybersecurity. Cybercrime is on the rise and businesses of all sizes are under attack. It is the obligation of the business to protect the private information of the customers and staff. It is important to use software that can help to reduce the risk. You should also back up and store this information off-site in the event of theft, fire, or other disasters that can cause the loss of this information.
When you’re starting, running, or working with a business, whether small or large, it’s important to know the basic aspects of business law. They can greatly impact your company or your work. Seek advice and guidance from a professional as things like lack of knowledge cannot protect you in a court case, even if the wrongdoing was unintentional.