QUESTIONS EVERY BUSINESS OWNER SHOULD ASK
The majority of entrepreneurs enjoy creating businesses based on their hobbies or interests. However, because business owners are not legal experts, start-up legalities may be annoying and perplexing. Corporate compliance, intellectual property laws, taxes, rules, and corporate liability are just a few legal issues that will arise as the company grows.
Of course, it’s best to consult a lawyer about your company’s needs, but knowing what to discuss helps.
Here are 8 conversation-starting questions which may be vital for your business’s growth and success.
1. Why Is It Essential To Keep Business Records?
Small businesses must keep all tax receipts and paperwork. Depending on your business, some contracts may limit your liability if you are sued. Some of the other paperwork your company generates may be useful in the future because it demonstrates how well it is growing. So, talk to your lawyer about what company records to keep. Keeping accurate records from the beginning is easier than searching for them later.
2. What Are My Risks of Getting Sued As A Small Business Owner?
Some businesses are more likely to be sued (for example, running a skydiving business will be riskier than working as a freelance blogger). A lawsuit could be filed for a variety of reasons. For example, contract disputes are a common source of business liability.
To determine your chances of being sued, you should learn how you could be held legally and financially liable. These risks should then be reduced or eliminated. You should consult a lawyer about these liabilities unless you have legal training.
3. Can I Use Personal Assets In Running My Business?
Many small business owners do not draw a line between what is personal and what is business. Your business is a mix of your passions, hobbies, and profession.
Keeping business and personal assets separate is difficult but necessary. Even seemingly simple behaviours, like buying office supplies with your credit card, might threaten your assets. If you consider your personal and corporate identities being the same, why wouldn’t a creditor or court?
4. How Do I Find Investors?
Investors may be interested in your company if it has growth potential. Investors provide small businesses with capital, connections, and information. Accepting investors is not something to be taken lightly. You must understand how the rules for receiving money will affect your business and your freedom as a business owner.
5. What Qualities Make A Company Attractive To Work For?
Most workers want more than just a good wage and job security. Employees do better when they are provided freedom and respect space. An excellent dynamic employer-employee relationship starts with good leadership. Work with your lawyer to establish best practices before recruiting new team members. This involves clear HR regulations, the necessary paperwork (independent contractor and employment agreements, non-disclosure agreements, termination letters, etc.), and following up with each employee.
6. How Can I Protect My Brand?
Your company’s reputation is its most precious asset, regardless of industry. Protect your brand from competitors and copycats. A lawyer can register your company’s brand name, logo, and other identifiers. They can aid with brand infringements.
7. How Do I Ensure That My Business Is Compliant?
Every company must follow the rules and regulations of the country. If you break these laws, you could face fines, penalties, company liability, and personal liability. How do you know which laws affect your business? Without experience, it’s hard to tell if you’ve overlooked a law or rule. The regulations that apply to your business depend on the business entity you chose, where you formed it, and where you do business. If you want to ensure that your company is compliant, consult your lawyer.
8. How Do I Make Plans for My Family?
Many small business owners hope to transfer their company or its assets to their family eventually. However, depending on the structure of your business (and your family), this may not be as simple as you believe. A lawyer with experience in estate planning can assist you in ensuring the security and transferability of your business to your family.
Every business is different, and as such, the difficulties that you face will vary. We offer video consultation via Lawyer Anywhere and can help you navigate the ups and downs of running your own company.