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Why you need to get your legal agreements sorted for 2011
| Guest post by: Michael Smyth |
Article Overview: Normally when I go on holiday I think very little of things like travel insurance and the terms and conditions of my airline ticket. But as I sit here contemplating whether to board a plane this evening to snow covered London, these two documents are at the forefront of my mind. We all need to adopt the same approach to documentation in our businesses and below explain why.
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Free Download - Download a template or see a lawyer? By Michael Smyth |
Why you need to get your legal agreements sorted for 2011
London in the snow
The snow has brought Heathrow airport to a standstill. Air New Zealand says that there is a risk that I may not reach my final destination and I may end up in Hong Kong - the halfway point in my journey. Air New Zealand terms and conditions say that they will not be responsible for any cost should I get stranded there. However, if I choose not to board my flight they will give me a complete refund of my fare. Interesting dilemma.
My travel insurance on the other hand will also recompense me for cancellation and will give me $500 if my travel plans are disrupted. That means I can get accommodation, food and drink in Hong Kong if I need to (assuming accommodation is available).
All of a sudden, the documentation and fine print are in the forefront of my mind.
It's the same with legal agreements in your business
When things are going well, legal agreements don't really matter that much. When legal agreements become important is when things go wrong.
Most businesses will be starting to see themselves gradually emerge from recession as we leave 2010. That may prompt a desire to grow in 2011, but the last thing you want to do is grow and have the wheels fall off your business just as you are getting going. That is more likely to happen if you grow without proper documentation in place.
How do you grow?
There are many ways of growing your business in 2011. For example, you could launch a new product but what will be your payment terms and what will happen if someone doesn't pay you? Maybe you want to take on more help but would an independent contractor be the better arrangement or should you opt for employees? How will you be sure that any independent contractors or employees will not steal your intellectual property? Perhaps it's time to take on a new business partner, but what if it doesn't work out and you have to unravel the relationship? If it's time for an office move, what terms and conditions are you going to negotiate with your landlord to ensure that you get the best deal possible?
These are just some of the issues you may face if you want to grow in 2011. The answer to all these issues is to put good agreements in place just in case things don't work out as you plan.
But how?
At Approachable Lawyer we know good lawyers are expensive and sometimes it is simply not cost effective to get every agreement drafted by a lawyer. However, we have a number of other options which may make things more affordable for you such as the Secret Library and the Approachable Lawyer Legal Hotline. If you've been thinking about either of these things in 2010, then make a resolution to make your business watertight in 2011 by signing up.
As for me, I will be going to the airport, but I'm still not sure if I am going to get on that plane and head to the snow.
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Article Tags: growing, issues, legal agreements, recession, travel insurance
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About the Author: Michael Smyth RSS for Michael's articles - Visit Michael's website Click here to visit Michael's website   How directors can prevent themselves being liable for their companys debts Will your business survive the economic recovery Download a template or see a lawyer Are your employees spending too much time on Twitter and Facebook Defamation and the risk with online forums |
Related Forum Posts
other legal issues to consider at start-up
- Merry Christmas
I am a fairly new entrepreneur and my business is to help new low income businesses get a successful start. My back ground is group insurance, paralegal, accounting very eclectic. I noticed that we have discussion around financing, marketing etc., however, there is very little discussion around things like Wills, Divorces, Separations, the entitlements of a same sex partner or common-law partner.
The rights of a common-law partner and same-sex partner are not always automatically the same as a husband and wife. The law provides for protection in a relationship whether you are married, in a common law relationship or a same sex relationship regarding health, dental, pension benefits. But that does not automatically include business or homes. For a CLP or SSR unless your name is clearly stated on the deed or business documents you may not be entitled to the home or business and to obtain your share you may have a lengthy legal battle.
I am 100% on the side of prenuptial agreements or agreements before you enter a relationship especially if you plan to start a business or accumulate equity. This protects both parties and children if they are involved. It could also prevent the financial loss of a business because the settlements would have been already defined.
It would be great to know if anyone thought about these things before they started their business and share what steps they took or if they lost a business because of a separation or death.
Non Disclosure
- I'm asked to sign non disclosure and non compete agreements by most of my clients. I've also had people sign non compete agreements for me. If the person is being above board with you, then I don't see a reason not to sign. Any subcontractor that I ever asked to sign and they refused, ended up trying to cheat the company at some point.
Shri
You are too young
- I don't really believe (I've been into web designing for 7 years now... I started in 2000) there is any web design laws. Besides the fact that you can't use copyrighted images on web design without permission from the original author.
Also, any web designs you do you may want to have it copyrighted so other's can't steal your idea's or whatever... of course, you can offer a "Copyright Change" option for a bit more money that will allow you to be able to transfer the copyrights and give exclusive rights to the purchaser.
All in all, don't worry about the laws... you should be fine, just remember that if your in the U.S. that if your making over $400 (or maybe its $600) in revenue, you'll have to pay taxes to the government... and please get a LLC, although its not a big thing with web designs, you could get into legal trouble somewhere in the business. Lastly, use contracts for when your selling or use agreements to clear the air so that you can have a safe business and you'll have some backing up if you ever are taken to court.
Re: How do I find the RSS feed for my blogger blog?
- Glad you got it sorted topeyinka ,
take care,
Carol
Merry Christmas everyone!
- I'm just waiting for my son to wake up to start our Christmas traditions and I wanted to drop a quick note here to thank everyone for your support of the forums. We've have an exciting year and hopefully we can reach and help even more entrepreneurs in 2011!
I hope you enjoy your families and have a fantastic holiday break... and then get ready to kick some butt with your business in 2011!
Merry Christmas everyone!
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