A Sampling of Business Law Tips

Mention legal regulations to a businessperson and you will probably see their eyes glaze over. One can hardly blame them given the complexities of the subject. That being said, here are a few legal nuggets you should know.

1. Avoid Oral Contracts – In most situations, oral promises to do things are unenforceable, so avoid them. When it comes to contracts, the only thing important is what is in writing.

2. Legality of NCA – Many businesses ask their employees to sign non-compete agreements, also known as NCAs. Keep in mind they are illegal in some states!

3. Trademark Decisions – When should you make the decision to get a trademark? As soon as possible, but only when you have a couple grand you can spend on it.

4. Business and Friends – When starting a business, there is a tendency to get friends involved. Generally, this is a bad idea. Different views can lead to the end of friendships.

5. Corporate Protection and Crimes – A corporation is touted a vehicle to protect shareholders from lawsuits and debts of the business. It does not provide protection from criminal charges.

6. Defining Shareholders – The owner of a corporation is called a shareholder. The shareholder’s interest is the number of shares he or she owns compared to the total shares issued.

7. Copyright Library of Congress – To copyright something, you need to file an application with the Copyright Office which is a department of the Library of Congress.

8. Business Failure Rates – Roughly 80 percent of businesses fail in the first two years. Plan as much as you can before starting the business to increase your chances of making it.

9. Trademark Filing Delays – Filing a trademark is an exercise in patience. It can take the Patent and Trademark Office up to a year or more to approve it.

10. Discovery in Lawsuits – During a lawsuit, much of the time will be spent on discovery. Discovery is the process of learning information through depositions, document requests and so on.

At the end of the day, your specific situation is key to the legal issues confronting you. The best way to run your business is to have a handy lawyer a phone call away in case you need advice. Do it right the first time and you don’t have to worry about lawsuits.

Article Source: http://www.articles.ask-me-about.com

Get internet law articles at FindanAttorneyforme.com.
Click here to get your own unique version of this article from the business law Articles Submissions Service