In the business world, entrepreneurs are innovators. They take risks to bring new goods and services to the market, turning dreams into reality. And while business risks are plentiful, there are certainly legal ones as well. The good news, however, is that your emerging business need not take unnecessary legal risks. Do you have a business idea you are ready to launch? It’s time to talk to the Connecticut business lawyers of Aeton Law Partners.
Here are some tips for protecting yourself as an entrepreneur:
Divide your business and personal assets
You may be excited about starting a business, but don’t rush into it. Far too many entrepreneurs fail to separate their business and personal assets. Perhaps they believe forming an LLC or other business entity is too much of a hassle. Or they just believe it’s unnecessary. The fact is, you need to put a wall between your business and personal property. If you don’t, and someone wins a lawsuit against you, that individual could come after you personally. The same is true for creditors.
Here are some basic steps every entrepreneur must take to keep business and personal assets separate:
Adopt a formal legal entity for your business, like an LLC. This process is relatively straightforward and mostly involves paperwork.
Ensure you have the necessary licenses and certifications to operate your business. Some industries are more heavily regulated than others, so you may need several of these.
Conduct a risk assessment of your new company. The goal here is to identify anything within your business that poses a potential legal threat. For example, make sure confidential customer data is adequately protected.
Fix any mistakes uncovered in your risk assessment. A knowledgeable Connecticut business law attorney can help with this and the assessment itself.
Purchase sufficient insurance coverage. You may need premises liability, workers’ compensation, and other forms of insurance. A lawyer can help you select the types and amounts of coverage you will need.
Protect your intellectual property
There’s a good chance your new business already owns intellectual property. For example, perhaps you’ve developed a unique logo that identifies your business. This may serve as a trademark that helps consumers recognize your company. The question is, have you taken the necessary steps to protect this and other forms of intellectual property?
You should not assume this property is not worth protecting just because your company is new or small. If you don’t protect your intellectual assets, someone else could exploit it. This could damage your reputation and undo all the hard work you’ve put into building your unique brand. Let our experienced Connecticut business law attorneys guide you in securing your intellectual property rights.
As you start to conduct business, you will need to use contracts. They protect your rights, minimize risks, and ensure you are not taken advantage of. Contracts govern operations both inside and outside your business. A few examples are:
Independent contractor agreements
Goods and services contracts
Real property contracts
But don’t leave contract drafting to chance. A knowledgeable Connecticut business law attorney can advise you, first, on which contracts you will need. Then your lawyer can get to work negotiating, drafting, and executing these important agreements.
Entrepreneurs Can Count On The Dedicated Business Attorneys Of Aeton Law Partners
There’s plenty of risk inherent to being an entrepreneur. Let our firm help eliminate or reduce the legal risks you may face. Aeton Law Partners provides a number of services to entrepreneurs and small businesses. Reach out to us today to get started.