7 Ways to Make Business Law Less Confusing

The legal side of running a business can often be confusing. There are so many laws to abide by and weaknesses that other people can legally take advantage of without the right protection.

For many people, it’s a case of learning on the job. Fortunately, there are ways of simplifying business law by hiring the help of professionals and taking measures to keep legal matters organized.

Here are just some of the ways that you can keep your business legally tight without getting too much of a headache.

#1 Have a Solicitor On Call

Solicitors are worth having by your side, even before you set up your business. From the beginning, they can help you choose the right kind of business structure, whether it is a partnership or a sole proprietorship.

They can then advise you on the permits and licenses you may need to run your business legally. For example, a bar may need an alcohol, food, and music license. Solicitors can also help you when hiring your first staff, ensuring that you have requirements and that your employees are fairly treated.

On top of helping with these aspects of business, a solicitor is handy to have for helping with any legal trouble you may come into that hasn’t been protected against.

They may be able to defend you against a lawsuit or advise on steps to take before it gets to this stage if you’re dealing with a difficult employee or client.

#2 Get Contracts Professionally Written

Written contracts are a much-needed part of a business. They can help secure an agreement between you and an employee during the hiring process and agreements between you and your clients.

Contract writing is complicated – a badly written contract may contain loopholes that can be exploited. For ultimate security, you’re best-getting contracts professionally written by a legal writer or solicitor.

#3 Have a Health and Safety Audit

You can protect yourself from lawsuits and keep your customers and employees happy by ensuring your business is on top of health and safety.

While you may be able to identify obvious health and safety features worth implementing, others may be less noticeable. Paying for a health and safety audit could help identify any business weaknesses that need to be addressed.

This could involve installing extra fire safety features in your office or displaying warning signs (such, ‘ caution hot water’ over a tap). It may even help you to build a health and safety handbook for your employees.

#4 Organise Your Legal Paperwork

While running your business, you’ll have to sign and sanction all sorts of legal paperwork. Keeping this organized can protect you in the future by allowing you to easily pick out a document when you need it rather than rummaging around.

Installing easy-to-use legal entity management software might allow you to record all this paperwork digitally. You may still wish to keep some physical backups, which should be filed appropriately or locked in a safe.

#5 Keep Your Finances in Check

As a business owner, you need to keep clear records of your finances to prove that you’re paying the right amount of tax.

Many companies hire an accountant to help organize their finances, which can be time-consuming and difficult. Chartered accountants are often the most reliable, although they cost more than non-chartered ones.

Alternatively, you may be able to calculate your tax using accounting software. Getting your head around financial law may involve getting help from a financial advisor.

These advisors can also help you identify tax-deductible expenses that you could be taking advantage of while also helping you streamline your business.

#6 Insure Yourself Against Lawsuits

In some cases, you may be able to avoid having to deal with costly lawsuits by insuring yourself. More companies are taking out cyberinsurance to protect them against the possible ramifications of a data hack.

Clients or employees who have had their data stolen might threaten to sue. While cyber insurance won’t prevent this from happening, it could help pay for any legal compensation.

There are other voluntary insurance schemes for businesses, including product liability insurance and business interruption insurance, which may also help pay for a lawsuit against you.

Of course, certain health safety and security features may be able to lower the risk of such a lawsuit by removing dangers. They’ll also lower your insurance rates.

#7 Read Books and Blogs on Business Law

The best way to get to grips with business law is to educate yourself on various aspects you’re unclear about.

There are lots of business books out there that are written in layman’s terms to clear up difficult business legal matters. It would be best to look out for new publications (so that you know any advice isn’t outdated) and well-received publications (you don’t want to buy a book that gives out bad advice).

There are also many blogs that can help explain aspects of business law for free.

On top of reading books and blogs, you may also want to consider attending a business law seminar.  These are often run by legal professionals who can help to explain various legal matters from health and safety to writing contracts.

This might allow for a more interactive learning process that might help some people to learn more effectively.

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