Entrepreneurs Brief Guide
“How to Manage Legal Issues”
Dr Jim Porter
When launching your start up business, you should be aware of certain basic business laws governing your commercial activities of purchase, sale, lease etc. This basic understanding of business law will help you to avoid or face any legal difficulties which you may encounter.
In 30 minutes, learn how to:
Recognize when to seek help
Understand contractual requirements and implications
Seek the help of a solicitor
Copyright
How to Manage Legal Issues
Dr Jim Porter
.Copyright © 2011 – All Rights Reserved.
Revision: SW2.013.001
Smashwords Edition
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ISBN:
978-1-4661-2462-2
Publisher: Smashwords, Inc.
When launching your start up business, you should be aware of certain basic business laws governing your commercial activities of purchase, sale, lease etc. This basic understanding of business law will help you to avoid or face any legal difficulties which you may encounter.
The business laws will usually cover your contracts (with your customers and suppliers), trading (selling the products to the members of the public and the restrictions applied), employment law and VAT etc. Each business is different and laws are complex and dynamic therefore you should contact a solicitor to find out more about the laws applicable to your situation.
Recognise when you need legal advice
Business owners need to seek professional legal advice on the following:
Setting up a company structure. Irrespective of the business structure you choose; whether it’s self-employment, a partnership or a limited company, make sure the proper legal agreements are drafted.
Seeking a business premises, particularly when negotiating the terms and conditions of your lease agreement.
Compliance with regulations, as you need to be aware of current and new regulations that apply to you, some of which may be specific to particular industry sector.
Contract terms and service levels relating to your business, as you should be aware of your legal responsibilities towards customers and suppliers.
Protecting your business’s intellectual property and confirming your ownership. Make sure that all intellectual property rights relating to your products or services are protected and that you are not infringing the rights of other businesses.
Financial matters, particularly the legal implications of raising finance from different sources, for example.
Debt control and management, as you need to protect your business against bad debts and seek advice on debt collection.
Acquiring a franchise, as you need to check all the small print with a specialist lawyer.
Employment law matters.