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. Shareholders vs Members – In a limited liability company, there are no shareholders. They are called members instead.

2. Legality of NCA – Many businesses ask their employees to sign non-compete agreements, also known as NCAs. Keep in mind they are illegal in some states!

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. Copyright Office Information – All copyrights must be filed with the Copyright Office. It is a department of the Library of Congress.

5. Corporate Protection and Crimes – A corporation is touted a vehicle to protect shareholders from lawsuits and debts of the business. It does not provide protection from criminal charges.

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. Avoid General Partnerships – Never form a general partnership unless you have to. This business form leaves all partners open to joint and several liability. This means everyone is entirely responsible for the debts of the business.

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. Trademark Filing Delays – Filing a trademark is an exercise in patience. It can take the Patent and Trademark Office up to a year or more to approve it.

10. Email Privacy Issues – If you send messages by email, it is important to remember they are not private. Whether you have a business dispute or personal one, a court can order you to produce them.

At the end of the day, your specific situation is key to the legal issues confronting you. The best way to run your business is to have a handy lawyer a phone call away in case you need advice. Do it right the first time and you don’t have to worry about lawsuits.

Article Source: http://www.share.onlypunjab.com

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