Starting a Business
Halt | July 15, 2022 | 0 Comments

5 Biggest Legal Challenges to Overcome When Starting a Business

Starting a business can present many exciting opportunities, such as being able to make decisions for yourself, work your own hours, and make more money. However, it’s not all smooth sailing. During those early days of preparing to launch, you might encounter some of these legal problems that require your full attention.

Confirming a Structure for Starting a Business

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You might understand everything there is to know about the products and services you plan to offer in your new business, but that doesn’t mean you’ll know how to structure your business to fulfill your tax obligations. When you have these knowledge gaps, consider hiring a business lawyer in Mississauga to fill them.

Creating Non-Disclosure Agreements

When you’re eager to jump into business ownership, you might decide to worry about the more intricate details like non-disclosure agreements at a later date. However, they can be crucial as soon as you have a business strategy, client information, trade secrets, and even algorithms.

Creating non-disclosure agreements is also important as soon as you start working with customers, employees, and any other third party. Otherwise, your business property might fall into the wrong hands, and you may not have the legal recourse to get it back.

Managing Privacy Policies

When General Data Protection Regulations (GDPR) came into effect as part of EU privacy and human rights laws, businesses processing personal information in the European Union had to change how they operated in the online space.

Mitigating the Impact on Your Business

Failure to comply with GDPR meant they were at risk of significant fines. However, the GDPR is an 88-page law consisting of 11 chapters and 99 articles. The average business owner may not know how to approach such a complex set of requirements. Before setting yourself up for online sales, consider consulting with a business lawyer who might be able to ensure your compliance for peace of mind.

Securing Funding

Some people are fortunate enough to be able to tap into savings they’ve built up over several years, but not everyone is in that boat. Sometimes, you need help from a lending institution or bank to get your business off the ground.

Knowing where and how to secure funding doesn’t come naturally to every new business owner, but you might be surprised by how many options are available. Through the U.S. Small Business Administration, you might be eligible for microloans, 7(a) loans, 504 loans, and other similar SBA-guaranteed loans.

Funding might be something you might like to discuss with your business lawyer since your business structure might determine your ability to access certain funding types.

Developing Legal Employee Contracts

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Employee contracts need to suit both employer and employee, but it’s not always easy knowing how to develop a contract that benefits and protects both parties.

Employee contracts need to include a whole host of complex information, such as a  job description, compensation and benefit details, time off policies, and the employment period. When you’re not skilled in contract creation, seeking help might reduce your risk of making potentially costly errors.

Conclusion

You’ll likely encounter many challenges when starting a business, but all of them are challenges you can overcome. Align yourself with experts, ask for help, and implement a plan. You might then be on your way to launching a successful business in no time.

Halt

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