For prospective business owners in Kentucky, the process of getting a new endeavor off the ground will be exhilarating. Still, it is important to remember the fundamentals. A critical first step is establishing a firm business foundation in accordance with the law. There are certain strategies to be aware of, and having professional advice can ensure that they are addressed from the beginning.
Legal issues to think about when starting a business
When starting a business, it’s important to think about the basics. Among other things, you need to:
- Have the proper business structure and licensing
- Prepare written agreements
- Shield intellectual property
- Understand employment law
- Have premises liability protection
Regarding business structure and licensing, there are many options to choose from. Examples include sole proprietorships, S-corporations and C-corporations. Permits and licenses could be needed. There may be a need to come to agreements with other businesses, vendors, contractors, customers and employees. This makes documentation imperative. In case of a problem or a dispute, these written agreements are vital.
Creating a product and selling it makes it necessary to have patents, copyrights and trademarks. Intellectual property must be protected so that other businesses cannot use your ideas.
Hiring employees requires following employment law. You need to know how to address allegations of wrongdoing. You also need to have an understanding of minimum wage laws, employee leave regulations and other matters.
Finally, premises liability protection can help you avoid litigation. It’s important to protect your business in case a person slips and falls on the property or there is another type of accident that results in personal injury.
Professional guidance may help with a business startup
Having a product or service is a good start, but it is not enough to build a successful business. Legal issues must be factored in, and business law must be adhered to. That includes being aware of the above-listed factors and more. Whether you’re looking into business formation or other areas of the project, having experienced legal assistance with you throughout the entire process can be essential.