The legalities of starting a business is often overlooked by small and budding business owners. But it is these legalities that often sink businesses later once they have grown into something bigger. This is why before officially starting your business, you should first iron out these common legal pitfalls:
1. Make a contract for everything.
Make a contract for your suppliers. Make a contract for your employees. Make a contract for all business transactions. For every small or major deals with other people, there should be a contract. You don’t want to just take their word for it, put it in writing so that if something goes wrong with the deal, the responsible party can be held liable.
2. Make a separate account for your business.
You don’t want to mix your personal account with your business account. In case your business goes under, your personal banking account won’t be affected. This also makes it easier to keep track of your business’ expenses as well as the incoming money.
3. Get intellectual property right.
Apply for an intellectual property right for your products. If you have an innovative product that is the first of its kind, getting an intellectual property right or getting a trademark for it is important. You don’t want other people to steal the idea behind your product and make a profit from it.
When it comes to business law, get the help of business lawyers in Vancouver. You would want to consult business lawyers in Vancouver such as Lakes, Whyte LLP first in order to safeguard your business from legal pitfalls.
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