When you start a new business there are alot of pitfalls you can end up landing in it you’re not careful. Which have the potential to cause slight issues or have long-term consequences and end your business before it’s even truly started. A legal issue or unknowingly breaking the law can be particularly harrowing and has the potential for bad publicity or even the collapse of your business. So, with that in mind, here are some ways you can legally protect your business in 2020.
Using a legal team, all employees will need a full contract signed before they start working. This is for the benefit of both employer and employee, and will establish their responsibilities, rights, duties and perks for the role within the company.
The contract will also include payment, workplace policies and any expectations for everyone involved. It’s essential from day one in case anything goes wrong or there is a disagreement, the contract can be referred to to clear everything up. While the cost of having the contracts created might be an unwanted expense, it avoids the need for dispute resolution solicitors in the future.
If you deal with clients then you’ll also need contracts written up to avoid any future issues. You’ll find that businesses can at times panic and cut ties with immediate effect, having contracts in place help both parties to agree to terms and keep any dealings fair. It also helps with giving your clients the expectation to give notice if they want to end their business with you, this way you have time to plan ahead if they choose to give notice at any point.
Whether it’s a previous colleague, friend or family you start a business with, a partnership agreement is essential to keep the business decisions fair and avoid future issues. All parties will need to establish their role within the business and have it legally documented to protect all involved.