Business Growth: Miscellaneous Legal Issues in Your Business

This concludes our series on establishing the right legal entity for your business

We explored the different kind of legal structures you can establish for your business. We also discussed issues to consider in identifying the right kind of legal experts for your business. I want to end our series by reviewing the kind of legal situations your business may encounter. I am not an attorney and urge you to consult one. My list will not apply to all businesses and will not contain all the situations you may encounter.

Legal Considerations You May Create

Doing business in today’s regulated and global society creates several situations that may require legal assistance. For example, you many need the following help:

• Establishing the legal structure for your business
• Contracts with clients, suppliers, employees, and others
• Gaining patent, copyright, trademark, or other intellectual property protection
• Gaining legal permission to import from, export to, or operate in other countries
• Shipping and logistic issues that cross state or national boundaries
• Acquiring, merging, or creating joint ventures with other companies
• Selling or dissolving the business

Legal Situations Others May Create

While you identify the legal requirements listed above. Other people may create legal problems for you. The following list identifies just some of the problems our litigious society creates:

• Patent, copyright, and other product or infringement suits
• Product safety complaints and suits
• Personal injury on your premises (client) or workers’ compensation
• Discrimination or harassment during hiring, on-the-job, or upon termination
• Tax, licensing, compliance, and other government related regulations

Operating a business today requires you to deal with a multitude of legal issues. You may use an attorney for each issue, or retain one to handle your issues on a continuing basis. Several business owners tell me, and I concur, that you should consider involving three key professionals in your business and meet with them regularly: an accountant, an attorney, and a financial planner. You may consider putting them on an official board of directors, or an unofficial advisory board.

Tuesday we begin a new series examining tips for enhancing the operations of your business