Business Law : 5 Legal Basics Entrepreneurs Need to Know
You"re deeply excited about starting your own business and leaving your own mark in the industry you love. However, you may find yourself confused and overwhelmed about business laws that have a huge impact on your entrepreneurship.
Here are the 5 legal basics you need to be equipped with in the world of business:
You need to determine the type of business you"re going to establish. There are different types of entities for you to choose from such as, LLC, corporation, sole proprietorship, non-profit and so on. Each entity has each their own benefits and consequences which you need to have a better understanding of.
Being legally compliant depends on your specific industry. For example, some businesses are required to have a professional license to fully operate. In other cases, there are some cities that require certain permits to conduct business.
This has something to do with protecting a certain business name, logo or even a slogan that a business uses regularly to stand out from the rest.
All business relationships should be governed by a written business contract. Without a business contract, there will be confusion between business parties especially in what to expect from each.
You need to make sure to prevent unwanted legal disputes. You need to protect your business and resolve any legal issues which can do harm to your business.
You might get into a lot of legal trouble if you don"t know what are the underlying laws revolving around your business. To know more details, check the informative video below: