Your Shield - Legal Made Easy
“An ounce of prevention is worth a pound of cure” - Benjamin Franklin
Handling the legal elements your small business requires is one of the most challenging aspects of being self employed.
Lets talk about some legal issues you need to be thinking about, and find out how to address them.
Liability Expsoure
Business is war, and if you own a business, you have a big red target on your back. The bigger your business, the bigger the target.
Know your enemy. Your enemy here is Liability. Understand every element of what you can be liable for in your business. It may be very limited, or it may be extreme. Once you know the framework of your liability, brainstorm how to limit it. Chat with your lawyer. They can help you with that. It might be as simple as posting some signs, to as complex as a heavily worded business contract. It may have dozens of elements
Your liability is as unique as your business. Study it. Where you cannot protect yourself, BUY INSURANCE.
Contracts
There are a great many types of contracts. Typically, their pupose is to define:
- A Scope
- Timeframe to complete, and/or milestones
- Contingences, recourses & liabilities of both parties
- Price
- Terms of modifications, Change Orders, and terms of change orders
Be sure you know what the laws are that apply to your region and industry, so that you don’t unknowning enter into a verbal, common law, or other contract.
This is probably the biggest area where small businesses really let the buck slide with lack of preventitive legal services. Don’t become a statistic.
FREEBIE!