A financial advisor in Seattle, Washington, Geoffrey (Jeff) H. Garrett has years of experience in diverse industries. In 2016, Geoffrey Garrett began applying his prior experience as an attorney by offering estate planning and trust administration services to his clients. Though seemingly daunting, small business law is an important subject for a prospective small business owner to know, so they can achieve success and avoid penalties.
In general, business law refers to multiple fields. Business law pertains to laws involving contracts, taxes, intellectual property, and labor and employment. As a small business owner, you should have enough knowledge of business law so you can make informed decisions and avoid costly penalties in the future.
One important aspect of business law you should know is contract law. A contract is only binding if all parties understand its contents and agree to it. You therefore need an attorney to help you examine a contract and discuss its contents with other party’s attorneys. An oral contract is as binding as a written one, but an oral contract cannot be used in certain circumstances.
You also need to be mindful of intellectual property concerns. If you do not file patents or trademarks for your logo, technology, or services, other companies can use them without repercussions. Consult an attorney specialized in intellectual property law to determine what, if any, of your goods and services can be protected with a trademark.
Alongside intellectual property concerns, small businesses need to implement safeguards to protect customers’ data. You need to create a clear privacy policy that explains how your business will secure customer data, and if you share that data with other entities, how and why you will do so. Invest in antivirus software and other cybersecurity measures and back up your critical files so that you are prepared for whatever may happen, whether a data breach or natural disaster.
