Unless your new company is going to be operating in the legal industry, there is a good chance that you aren’t really clued up on every single aspect of the legalities of business. Don’t worry; as an entrepreneur whose specialism isn’t in the legal industry, you won’t be expected to know the ins and outs of the legal side of your business. But you will need to ensure you know some of the basics so that you are able to continue to run a company that is completely above board. Think you need a reminder of those basics? Here are some examples of the main legal know-how that all entrepreneurs need.
Build A Good Relationship With A Lawyer
First of all, it’s worth taking the time to find a lawyer who you can have by your side throughout the lifespan of your business. You can either hire one to work for your company on a full-time basis, or you could simply find a law firm who would be willing for you to reach out to them with any questions and one-off projects that you might have. This way, you always have someone you can rely on for legal representation.
Budget Well For Legal
Trying to get to the bottom of most kinds of business disputes can be quite costly. Some entrepreneurs often underestimate how much they will need to pay for their legal services and this can cost them when they go over budget. So, when you are in the process of creating a new company budget, you should always set a large chunk of money to one side for anything legal. You’ll then be able to afford legal aid for any issues that come your way.
Always Obtain Permits And Licenses
Your business will need various licenses and permits in order to operate. This is especially the case if you sell anything dangerous, such as chemicals, or things that are restricted when sold, such as alcohol. It is super important that you always obtain the necessary documentation otherwise you could be running your business illegally. If you are never sure about what permits you need, you should speak to someone at a local business advisory organization.
Know All Your Employment Obligations
If you are hiring staff, you will have certain employment responsibilities and obligations that you will need to fulfill. If you don’t fulfill these accordingly, you might end up being taken to an employment tribunal by a member of your staff. So, before you hire your first employee, figure out all of the obligations and how you can successfully fulfill them.
Maintain Accurate Records
Once your business is operating, you need to introduce a record keeping system and process that ensures everything is recorded and documented accordingly. For instance, any important emails should be printed and stored so that you have a paper trail of important conversations. All financial certificates, payroll documents, and minutes from meetings need to be kept safe for future reference as well.
Don’t get caught out when it comes to the legal side of business!
*This is a contributed post