A Sampling of Business Law Tips

As a businessperson, knowledge is the key to your success. This is particularly true when it comes to basic legal situations. Following are some helpful tidbits that might apply to your business.

1. NDA Protection – If you are going to provide important business information to a third party, make sure to get an NDA. An NDA is a non-disclosure agreement.

2. Multiple Business Owners – If multiple people own a business, avoid situations where the ownership interests are equal. If you don’t, you can end up with deadlocks that require court intervention.

3. Trademark Decisions – When should you make the decision to get a trademark? As soon as possible, but only when you have a couple grand you can spend on it.

4. IRS Email Contacts – Scammers are sending out emails purportedly from the IRS. These messages are scams. The IRS does not communicate with people by email.

5. Financing New Businesses – Starting a business usually requires money. Many people make the mistake of first offering ownership interests in exchange for cash. Use this as a last resort.

6. Common Law Copyright – When you create an artistic work such as a book or music, you automatically are granted copyright. If some infringes on your copyright, however, you must have registered it with the Copyright Office to get damages.

7. Copyright Library of Congress – To copyright something, you need to file an application with the Copyright Office which is a department of the Library of Congress.

8. Corporate Tax Designations – Once you have incorporated a business, you must determine the tax status of the business. If you do nothing, it is automatically taxed as a C-corporation. Alternatively, you can file for a S designation.

9. Going Ecommerce? – Most startups don’t think about going online before opening a brick and mortar office or shop. If you can get the hang of web design, it is much cheaper to start online.

10. Discovery in Lawsuits – During a lawsuit, much of the time will be spent on discovery. Discovery is the process of learning information through depositions, document requests and so on.

As with all legal information, keep in mind the above may or may not apply to your specific situation. Much of the law is factually oriented, meaning it applies in different ways to different situations.

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