Starting and owning a small business is an exciting and challenging endeavor. However, many small business owners make common legal mistakes that can be costly and disruptive to their business. To avoid these mistakes, it’s important to seek legal advice from a contract lawyer. As a Minnesota lawyer, attorney Anthony Wilson at Wilson Legal Solutions is here to provide small business legal advice and help guide you through the process. Learn more by getting in touch with our office and reading the rest of this blog.
Four Common Legal Mistakes Small Business Owners Make and How to Avoid Them
Not Having a Written Contract
One of the most common legal mistakes small business owners make is not having a written contract. This can lead to confusion and misunderstandings between the parties involved. To avoid this, it’s important to have a contract lawyer draft a written contract that clearly outlines the terms and conditions of the agreement.
Not Protecting Your Intellectual Property
Another common mistake small business owners make is not protecting their intellectual property. This includes trademarks, copyrights, and patents. Failing to register and protect your intellectual property can leave your business vulnerable to infringement and legal action.
Misunderstanding Employment Laws
Small business owners also need to be aware of the various employment laws that apply to their businesses. This includes wage and hour laws, overtime laws, and discrimination laws. Failure to comply with these laws can lead to costly legal action and fines.
Not Having a Succession Plan
Finally, many small business owners fail to plan for the future of their business. This includes creating a plan for succession in case of death, disability, or retirement. Failure to plan for these events can lead to confusion and legal disputes among family members and business partners.
Starting and owning a small business comes with its own set of legal challenges. To avoid common legal mistakes, it’s important to seek legal advice from a contract lawyer. At Wilson Legal Solutions, our Minnesota law team is here to provide small business legal advice and help guide you through the process. We invite you to schedule a consultation with us to discuss your specific legal needs. Don’t let legal mistakes disrupt your business, let us help you navigate the legal complexities of owning a small business.