Five Things to Know About Business Law as a Beginner
August 17, 2020
Business law is oftentimes a complicated area of law which involves the forming, operating, dissolving, and engaging in a business.
Many businesses have been burned because they didn’t have a good understanding of the law or hire someone who did. Here are five facts you likely didn’t know about business law that can help you be successful in business.
1) A contract does not always need to be in the form of a signed agreement
People often assume that if you don’t sign an agreement, it’s not enforceable and won’t hold up on court. Actually, an email, recorded phone call, a conversation, text message, or message on social media can be considered a binding contract as long as all requirements for the agreement have been fulfilled. It is important to seek legal advice on what those requirements are.
2) Bad debt can be recovered without going to court
Owners of small businesses often decide to not pursue debt collection because they think it’s either too expensive to hire a lawyer or debt collector, or they’re too scared to go to court. However, collecting your debts could be as easy as sending a Letter of Demand. And, hiring a business lawyer can actually save your business money. Read why here.
3) Copyrighting and trademarking are not the same
Copyright and trademark are two distinctive categories of intellectual property law that any business who creates a unique good should understand. Copyrighting protects a company’s creative work while trademarking protects its name, brand, and product name from your competitors. A business owner must understand these concepts in order to protect and grow their business. Consult an intellectual property attorney to be sure you are protected.
4) A written partnership agreement is vital and can save your business
In a perfect world, business partners are always on the same page about their company. While for some companies this may be a reality, for many it is not. This is why having a partnership agreement in writing is essential, especially as it relates to one of the partners being unable to run the business. A business attorney can draft a partnership agreement unique to your type of business and situation.
5) As a business owner, you should have a will
Business owners, especially young ones, fear having a will because it means that they have accepted their death. However, it’s not a letter to the Grim Reaper saying, “Come and get me.” As a business owner, having a written will is essential in assuring your affairs are handled in the manner in which you want them to be handled, and your business interests are taken care of if you are to pass.
If you’re a business owner and any of these facts about business law caught you off guard, perhaps it’s time engage a business lawyer. Lawsuits against you or your company are not the only reason a business lawyer should be hired. It’s in your company’s best interests – and yours – to work with an attorney from day one.
If you’re looking for trusted business lawyers, contact Cardillo Keith Bonaquist. The firm has provided legal advice, including business law and commercial litigation, for Southwest Floridians for over 45 years. Founded in 1975, Cardillo Keith Bonaquist is the longest continuously serving legal partnership in the greater Naples area. For more information, contact Cardillo Keith Bonaquist today by calling 239-774-2229 or visit ckblaw.com.