When a businessman plans to build a new business venture, it may be that among the least of his concerns are the legal aspects of the business. Some entrepreneurs think of this as unnecessary for they are not doing anything damaging towards other people or to the community. Many entrepreneurs are not fully aware of the laws in business and only a person who has the rightful knowledge, such as a business lawyer, can truly help you in this situation. As a business lawyer, I am happy to offer you my services to secure your business.
In relation to this, the average businessman may be unaware of some things he might have violated under the law that can affect his business. This can be avoided and resolved with my help. Furthermore, I will discuss the most common legal issues faced by entrepreneurs on their new business venture. This is to inform other business enthusiasts or startups to realize the value of having the insights of a business lawyer at the onset of the business process. Here are some of the mistakes often committed by entrepreneurs when starting their business.
Insufficient Legal Structure for the New Business Venture
One of the most common mistakes that an entrepreneur often commits is starting the business with insufficient legal structure. Out of excitement, a businessman may build his business with the absence of preparation on what might go wrong along the way. Usually, the issue comes from the mandate of a customer or staff. There are also some circumstances where the business owner would like to have an external investor but is unable to take action because of the absence of legal structure on his new business venture.
Furthermore, the lack of a sufficient legal structure may bring him a potential risk of personal accountability. With regard to external investors, they are helpful in any business especially for startups or a business that may be struggling given that they supply financial assistance in challenging times. On the other hand, sharing your business with an investor can create conflict on how to manage the business. When the dissimilarities are not settled in this situation, the investors might init`iate a lawsuit.
Each time an external investor invests in the business, there should be rules and regulations implemented along with proper documentation that address this issue. You cannot rely on trust alone in any business partnerships. In the event that the business fails, a minor conflict between the investor and the entrepreneur can result in lawsuits. As a business lawyer, I can foresee the possible conflict ahead of time and can construct a legal structure intended specifically for your new business venture that will handle disputes that may arise between investors and business owners.
Customer Data Protection
One more issue experienced by companies that build their businesses online is the lack of security in protecting the personal information of their customers. Small businesses with minimal funds are susceptible to hacking incidents that put their website in jeopardy along with the sensitive information of the customers or clients. My knowledge in business law, including e-commerce, can assist you in securing your business online and prevent you from getting into this dilemma.
Business Legal Professional
These are just some of the typical legal issues encountered by businessmen in their new business venture. If you are interested in knowing more about these issues in detail, we can discuss them over the phone, or you can send me an email for a consultation. You may get in touch with me at (305) 921-0440 or contact me by email at Romy@jflawfirm.com. I am very happy to offer you a helping hand.