For an entrepreneur, so many legal issues can spring up in your path towards building a successful business venture. Starting as a small business, you work round the clock to scale your business, while at the same time you are dealing with threats that might want to arise to make you fail.
Some small business owners fail to put into consideration, the legal angle of their businesses. While there are numbers of threats that could stand as potential issues to your business, the legal issues should not be overlooked.
When these threats rear their ugly heads, your knowledge of it would go a long way in assisting you to take the necessary steps in putting things right.
Starting a small business, you should put into consideration, the legal entity of your business as separate from you, as an individual. You can register as a sole proprietor or limited liability company, (LLC)
Registering as a sole proprietor comes with its own drawbacks because you cannot legally separate your personal assets from your business. If you are involved in a lawsuit against your sole enterprise, the plaintiff may come after your personal assets, if, the assets that your sole enterprise has, cannot defray the judgment cost.
Registering your business as a Limited Liability Company, however, enables you to separate your business entity from you as an individual, thus, protecting your personal assets. Asides this, your company should also be very careful in what it says and does; any misstep by your company is an opportunity for some individuals to jump on it and file a lawsuit against your business.
In all this, you need the services of an experienced business lawyer to advise you accordingly in confronting such legal issues.
Businesses in this age run on the usage of a number of software to carry out their operations. These operations run through the internet, thus, generating lots of data. Hackers see this as opportunities to carry out cyber-attacks.
These data stored, belongs to customers and they would not be customer-friendly with you if they found out that their information is being breached because your organization is not taking full measures in ensuring the protection of data.
They could file a lawsuit against you for breach of trust, even, if the cyber-attack was not initiated from your company.
It does not matter if you are a small or large organization. As a small business, you might not have the know-how of technology usage in preventing cyber-attacks, but you can always get one for hire.
Intellectual Property Protection
You should be aware of the law that protects your intellectual properties so that the benefits of your hard work will not be stolen by someone else, you need to register your patents, copyrights, and trademarks.
Patent and trademark office does exist in Nigeria where you can get this done.
Starting a business could be daunting, but putting in place factors that can safeguard your business from unnecessary lawsuits is one of the keys to success.