People always wonder what is legal for business, it can really cover many different legal services and requirements; however, in a broadline, Business Legal normally fall into two major categories – Agreements and Regulations.

 

Agreements – are the documents and the legal contract that states your business relationships, such as your customers, your business partners or your investors.

Regulations – are the laws that your business needs to comply with. This could be an industry-specific regulation that apply to your business, regulations involved in registering a company, Intellectual property, privacy regulations, and employments’ regulation.

 

There are few factors to consider when setting up a business:

 

Supplier contracts

Customer contracts

Intellectual Property

Finance

Business partners

Industry Regulations

Employments/contractors

Privacy Policy

 

Consider to have legal advice to:

Be protected – Protect your business against legal risks. Such as having the contracts in place for your employees, limit liabilities to customers, protective intellectual property if any, and set up with right business structure.

 

Dispute prevention – prevent any possible future disputes. It can be between employees or business partners or perhaps customers, however, many of disputes can be avoided by documenting everything in writing or have conversation before become a legal dispute.

 

Avoid bad/unfair deals – You could possibly sign a bad/unfair deal and not aware of. It could turn to a financial crisis unexpectedly.  Always have your contract review by your legal adviser will make sure you’re signing the right contract each time, whether it’s agreements with your investors or the terms and conditions with your customers or your supplier.

 

The above are the part 1 suggested knowledge for setting up your own business; we’ve covered the two main types of legal that your business should consider – agreements and regulations. We looked the various areas in your business where legal issues could arise. We’ve also explained the key reasons you should consider to have your legal advice:  to be protected, dispute prevention and to avoid the bad/unfair deals!