The Importance of Business Protections: 5 Legal Protections You Should Have to Protect Your Company
When it comes to protecting your business, the sometimes uncomfortable, legalities are unavoidable. Even if you’ve just started your business, it’s essential to ensure that your company has adequate protections over the ideas and products that you rely on to sustain your business. Let's discuss five legal protections that your business should have to protect your company.
Protection #1: A Legal Business Entity Like An LLC
To ensure your business is protected, it should be registered as a legal entity. This will give you more legal protection and peace of mind. There are many legal entities to consider when starting a business, but one of the most popular is an LLC, a limited liability company. LLCs offer many benefits for small businesses, including personal asset protection, flexibility in management structure, and pass-through taxation. Although it is the easiest business entity to form, it is also the easiest protection to destroy.
Protection #2: Trademark Your Business Name
A federal trademark is a valuable asset for your business. It can help you build a strong reputation and prevent others from unfairly profiting from your hard work. In addition, by protecting the unique name of your business, you can ensure that others will not be able to use it without your permission in similar channels of trade as yours. This can give you a competitive advantage and help you to grow your business.
Protection #3: Patent Your Design
A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling, and importing an invention for a limited period of years in exchange for publishing an enabling public disclosure of the invention. A patent is a territorial right, meaning it applies only within the country it is granted. Still, it is great legal protection to have for your business and its products.
Protection #4: Copyright Protections
Having copyright protection for your work is an important step in protecting yourself as a creator. Copyright is a federal law that protects original works from being reproduced without permission from the creator. It allows the owner of the work to control how, when, and where it can be copied and disseminated. Most importantly, when you federally register your copyright, you are eligible for certain benefits that non-registered authors do not have access to. For example, registering your work gives you access to civil damages if someone violates your rights as an author by reproducing or distributing your work without permission. This means that if someone uses your copyrighted material without authorization or adequate credit, they could be subject to significant penalties and could be legally required to pay financial damages.
Protection #5: Legally Compliant Contracts
Contracts are an important part of doing business. Firstly, they provide legal recourse for any disputes that may arise between parties. Secondly, they offer necessary protections for both parties involved in a transaction or agreement. Contracts allow each party to know exactly what is expected of them as well as what protection they will receive if either party breaches the terms of the contract. Furthermore, contracts can assist with dispute resolution by providing clear steps that must be followed should a dispute arise between two or more parties. By clearly defining the terms of the agreement and outlining the expectations of both parties, contracts can help prevent misunderstandings and disputes down the road.
Connect with an Attorney to Protect Your Business Today
What steps will you take today to protect your business? Connecting with an attorney today can help ensure that your business is safeguarded against any potential legal issues that may arise tomorrow. Give us a call today at 1-888-752-2629 or schedule a consultation online to learn more about how we can protect your business.