3 Tips for Dealing with the Legal Aspects of Your Business

It doesn’t matter what industry you are in – as long as it’s a registered, authentic business, it will need legal assistance to come into being and to continue functioning. Of course, the larger a company is, the more legal assistance it will need, but that doesn’t exempt the small business owner from his/her legal dues either! So, without further delay, let’s now look at a few pointers from legal professionals in the industrial sector that should prove to be quite useful.

Inquire about the Permits and Licenses You Will Need to Start a Specific Business

Depending on the kind of business you are about to start, and its scale, the need for licenses and permits will vary quite widely. Therefore, it’s nearly impossible to state which licenses and permits you need and from which part of the government, without actually knowing details about the concerned business first.

Nevertheless, most businesses will need the necessary licenses and permits from:

  1. The state government, represented by the City office
  2. The federal government
  3. Both state and federal government

Complicated as it may be, a lot of popular businesses fall into the last category. In order to know about business licensing and permittance requirements, as mandated by the federal government, visit the SBA page here.

As for the state licenses, you will need to visit your state’s official page and explore the licensure section of their respective websites to find more information. You can also directly visit or call the City department for info and guidance.

Create a Legal Business Policy for the Website

Every business needs a legal policy of course, but online businesses have to handle statutes of privacy and limitations that were already complicated but have become even more complicated recently in light of all the data thefts and public panic regarding the same.

A policy generator should ideally be able to help you with that and make life easier by making your online business policy legally compliant from every angle. Unfortunately, that seldom happens, as most policy generators do their job pretty poorly! Fortunately, there are a few policy generators that are actually useful and capable of producing legally updated, compliant business policies for both new and old businesses.

After reading through this review of lubenda software, we are inclined to believe that this one is one of those rare instances where the policy generator actually does its job surprisingly well! Do keep in mind that even if you have a business policy already, this still applies to you, unless you have updated it with the recent developments to stay compliant already.

Protect Your Business and Your Personal Assets by Separating Them

Did you know that there are wealthy business owners out there with bankrupt businesses? Although it may seem oxymoronic or illegal to someone who isn’t familiar with the concept, it is neither! They simply separated their personal assets and wealth from the business itself. As a result, when their business went bankrupt, their personal wealth could not be touched to repay business debts.

Never go with a sole proprietorship, even if you have a tiny café with two employees because if the business goes into debt, your personal property will also be held as liable and you too will go under. Separate your business in accordance with its segment and size, by registering as or changing it to any one of the following entities:

  • Limited Liability Company (LLC)
  • Professional Limited Liability Company (PLLC)
  • General Partnership (GP)
  • Limited Liability Partnership (LLP)
  • Limited Liability Limited Partnership (LLLP)
  • B-Corporation
  • C-Corporation
  • S-Corporation
  • Professional Corporation
  • Cooperative
  • Non-Profit

Consult with your lawyer to know which one would be the best fit for your business’s size, type, location, etc.

You may find that the tips here are more generalized, which is because they are meant to help companies in general, rather than catering to a few exclusive sectors only. The needs may change depending on where your company is at the moment in terms of development, as well as the sector concerned, but the need for legal assistance is more or less a constant for all businesses across the entire industry.

FG Editorial Team
The Founder's Guide Team - Asian Associates with dynamic elements out to make a change.Thank you for visiting our site! If you do have any questions or inquiry, feel free to contact us through our links and please don't forget to follow our social media accounts. It would be our pleasure to help you in any way we can. Always Remember: "Proceed to Succeed". Hoping to hear from you soon!