4 Essential Reasons Why Your Small Business Needs Legal Protection
Do you ever feel as if your small business is another member of your family? It is often said that your business is also your ‘business baby’ as it needs to be taken care of at all times!
Just like a family member, this small business of yours needs assistance as well as protection from possible disputes. This is where a small business lawyer comes in!
Legal guidance can help your small business grow. A business lawyer can anticipate potential problems as your company evolves, offering advice on everything from your company’s structure to contracts and trade marks.
In this blog post, we highlight four essential reasons why working with a small business lawyer is worth it, and will protect your assets in the long run.
1. Employment contracts
If you are preparing to hire staff, employment contracts will be drafted to make employment terms crystal clear.
Contracts are written in simple language so that all parties involved can easily understand its terms. They should also reflect the nature and specifics of the job.
You may get your employment contract legally drafted and reviewed by a small business lawyer who understands your company.
2. Terms and conditions
Another contract for your small business are the terms and conditions. This document is a legal contract between you and your customers or clients by asking them to accept your terms and conditions before engaging in your services or purchasing your products.
Aside from making your company’s terms clear to consumers and clients before you engage in business, having a set of terms and conditions that apply to everyone saves you the time and expense of drafting individual terms for each transaction.
3. Data privacy and data protection
Is it necessary for your business to have a well-written privacy policy to meet its legal obligations under the Privacy Act and the Australian Privacy Principles (APP).
Some companies in Australia are legally required to have a privacy policy to comply with Privacy Law obligations. It is required if your annual revenue exceeds $3 million. It would be good for your business to have a data privacy and data protection contract to avoid potential disputes in the future.
4. Trademarks and IP
According to the Australian Government, “intellectual property (IP) is the property of your mind or exclusive knowledge. If you develop a new product, service, process or idea it belongs to you and is considered your IP.”
Trade marks and IP, like tangible property, can be bought, sold, or rented. It has economic worth, often having significant economic value.
It is very important that you secure your company’s intellectual property to protect your business from possible lawsuits in the future. Your trade marks and IP do need legal protection. Aside from this, here are some reasons why IP is important:
- it sets your company apart from the competition
- it can be sold or licensed, generating revenue
- it can provide customers with something new and unique from your business
- it is a component of your marketing or branding
- it can be used as collateral for loans.
These are just some of the reasons as to why there are trademark or IP contracts drafted by good lawyers.
Different lawyers for different situations
Depending on the type of small business you run, a lawyer with a certain specialty may be better suited to helping you.
For example, a commercial law firm, such as Randle & Taylor Barristers & Solicitors, often helps clients with:
- Partnership Law
- Company Law
- Building and Construction disputes
- Property Law
- Debt Collection
- A range of business and commercial legal services
For example, an employment focused law firm often helps clients with:
- Employment contracts
- Unfair dismissal
- Discrimination and harassment
- Workplace relations
- Workplace health and safety
Legal Protection – Takeaway
The sooner you hire a small business lawyer, the greater your chances are of meeting your legal obligations and having some level of legal protection. Aside from being in compliance with the law, you will be protecting your business from a wide range of potentially troubling legal issues.
If you are looking to do business with other parties, you will need legal advice. Small business lawyers can help you with everything from incorporating your company to drafting contracts such as employment, terms and conditions, data privacy, and IP.
You can find a lawyer or a solicitor here https://www.lawsociety.com.au/register-of-solicitors.
Marshall Thurlow is Director and Founder of Orion Marketing Pty Ltd. He is a digital marketer with expertise in SEO, website design, content marketing and project management. With over 15 years of experience spanning government, not-for-profit and the private sector, he is well equipped to lead teams to success. He is a big proponent of environmental sustainability, critical thinking and progressive issues.
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