As a small business owner, there are many legal considerations that you will need to be aware of in order to protect your business and your personal assets. Here are the top 5 tips that a lawyer can give to a new small business owner:

5 Tips for Small Business Owners:

  1. Choose the right business structure: The type of business structure that you choose will have a significant impact on not only on the legal aspects of your business, but also the financial. There are several types of business structures to choose from, including sole proprietorship, partnership, limited liability company (LLC), and corporation. Each type of structure has its own advantages and disadvantages, so it is important to consult with a lawyer to determine which structure is best for your business.
  2. Understand your obligations under the law: As a small business owner, you will have a number of legal obligations that you need to be aware of, such as compliance with labor laws, taxes, and other regulations. It is important to consult with a lawyer to ensure that you understand your obligations under the law and that you are in compliance with all relevant regulations.
  3. Protect your intellectual property: Small business owners often have valuable intellectual property assets that need to be protected, such as trademarks, patents, and copyrights. A lawyer can help you to understand the different types of intellectual property and how to protect them, as well as how to register your intellectual property so that it is legally recognized.
  4. Create a strong contract: Contracts are an essential part of any business, and it is important to have a lawyer review all of your contracts to ensure that they are legally binding and enforceable. A lawyer can also help you to understand the terms and conditions of your contracts, and can help you to negotiate any disputes that may arise.
  5. Have an exit strategy: Starting a small business is a significant investment of time and money, so it is important to have a plan for exiting the business if things do not go as planned. A lawyer can help you to develop an exit strategy that will help you to protect your assets and your business in the event that you need to close or sell your business.

Final thoughts…

In conclusion, starting a small business can be a challenging and daunting task, but with the right legal advice, you can protect your business and your personal assets. By following these top 5 tips, you can ensure that your small business is legally compliant and that you are well-prepared for any legal challenges that may arise. If you are thinking of starting a small business, it is important to consult with a lawyer who can help you to navigate the legal landscape and to ensure that your business is successful. Contact the Brenden Kelley Law team at 216-644-3359 today.

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