Having a good understanding of your business’s legal position is vital to success and you can use the law to your business’s advantage while avoiding pitfalls that can lead to expensive disputes.
Whether you are a one-woman band or you employ 5,000 people, the same five most important legal tips apply to both of you.
All businesses have the same five legal circles apply to them, the bigger the business, the more complex each circle, but nevertheless the same five circles apply to all.
When you apply all these areas it gives you a dashboard snapshot of where your business stands from a legal point of view. It tells you how legally protected your business is. These are the five most important legal tips to apply to your business:
1) Ensure a good corporate structure
Establish the legal structure of your business and the relationship between the business owners.
2) Take care of your people
Have a good legal and HR framework for your employees and freelancers.
3) Protect your clients and contacts
Your legal relationships with your clients, suppliers, agents, distributors and other business contacts are precious.
4) Guard your commercial and intellectual property
This is your assets, including business premises and intellectual property.
5) Plan for dispute resolution
It’s essential to resolve disputes, from debt recovery to litigation, in a commercial and cost-effective way.
Penina Shepherd is an award-winning entrepreneur, the author of The Freedom Revolution and founder of the innovative law firm Acumen Business Law listed by the Financial Times’ Top 50 Groundbreaking and Innovative Law Firms in the UK and Europe.
She is leading a Brighton Chamber Bite-sized Learning: Five most important legal tips to protect every business on Thursday, May 17. For more information about Brighton Chamber training and networking events, visit: www.businessinbrighton.org.uk/events