There are 5 key legal protections that every business needs to grow and attract investment. We call them the 5 Ss and all of our plans will help you to understand what they are and get all 5 legal protections in place for your business.
1. Structure
To ensure that your business is on a solid foundation and primed for growth, it is important to get the legal structure of your business right. Whether your goal is to sell your business for millions or pass it on to future generations, providing your business with its own separate legal identity by incorporating as a company limited by shares is often the legal structure of choice.
Being well structured also means understanding and complying with the regulations set by the government for doing business in your location and industry.
2. Shareholders
How are key business decisions made? What if the business owners disagree? What happens if one business owner wants to leave?
These are all issues that should be addressed and set out in a Shareholders’ Agreement so that if there are any disagreements between the business owners, or if things don’t quite go as planned, everybody knows where they stand and how any disputes are to be resolved.
3. Standard Terms
The lifeblood of every business is its customers and whether you sell a product or a service, having a standard contract or standard set of terms that are tailored to reflect the way you do business is key.
It will ensure that you’re able to get the protection that your business needs and will enhance your reputation because customers will know what to expect from you and what happens if things go wrong.
4. Service Agreements
Anyone who works for the business is likely to have access to your confidential information and some employees may be vital to the smooth running of the business.
Ensuring that you cover their engagements with a legally compliant agreement that protects the business is key.
5. Secrets
Intellectual property (IP) can be one of the most valuable assets of any company. In fact, most of the value of the biggest companies in the world today is held up in intangible assets, things like their brand and their logo, and they use those assets to create multiple revenue streams and stay ahead of their competitors.
Figuring out what you have created for your business that can be protected by IP laws is crucial so that you’re able to exploit your IP assets for the benefit of your business. Your IP might make your business worth millions in years to come.
Find out how we can help you put all five legal protections in place for your business today.
