8 Game-Changing Questions for Business Owners
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.
The best way to save on legal bills is to avoid problems in the first place.
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.
- 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.
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 incorporated 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.
