Protect your business and business assets
It’s obvious why you should protect your business and business assets legally, but have you considered whether your business is sufficiently protected? Sometimes the legal concerns on the business are left on the shelf; the priority being the invoice, and terms of business.
As a small business, you should really consider and emulate the best legal practices of the larger corporations. Why? Why not choose the best practices for your business? It’s best to this to retain higher quality staff, assets and business relations with clients and investors.
What do you need to protect in your business?
Well, what is your business? The business name, your products, and your services, your employees etc. Your brand needs to be protected in practice and legally.
You can use a trademark to protect your brand and prevent others from trading under your name without permission. This includes your logo, any algorithms, or any aspect of your business through a trademark.
You also need protect yourself from others taking legal action against you by protecting your personal assets from the business. One way to do this is to turn your business into a limited company.
The business transactions should be completed using your terms and conditions of business. This is regardless of whether you make cash sales, credit or bank transactions online invoicing. Informal or casual business deals could one day turn around and bite you. Professionalism goes a long way.
Government legal requirements for a business
In addition to your professional registrations, these are some government legal requirements for operating your business.
- Limited companies
- Corporation taxes
- Register for VAT
- Employee taxes
- National insurances
- Personal Taxes
- Intellectual property
- Business insurances
- Government regulatory bodies
- Local authority licenses.
Its best to consult an advisor in your specialism to help you be fully legitimate in operating your business.
Act now and protect your business and business assets
Corporate lawyers advise on legal matters related to Business Law, Companies Act such as commercial contracts and other business transactions.
Company solicitors/lawyers, give legal advice on company formation, directors’ duties, corporate accounting, and taxation requirements. Your solicitor can help you develop practices unique to your business to protect your business.
Businesses vary in size, but if you are looking for a commercial solicitor for your business requirements or legal issues then contact one of our consultants for an initial assessment.
Also, trial or subscribe to our courses in business skills to learn about issues that other businesses may be experiences that may affect your business now or in the future. Act now and protect your business and business assets.