If you own a business – or you’re at least thinking about starting one – you’re definitely not alone. According to data released by the US Small Business Administration, nearly 29 million small businesses are launched every year.
With so much competition out there, the margin for error is razor-thin. This is why it’s important to make sure that you have a good understanding of the legal aspects of the business.
How Many Businesses Fail?
- Roughly two-thirds of businesses survive the first two years
- Nearly half of all businesses survive the first five years
- About one-third of businesses survive more than ten years
There are a number of reasons for this, but one of the biggest ones is that business owners don’t have a good understanding of the legal aspects of running a business.
Why Are Legal Aspects of Business so Important?
There are a number of reasons why it’s important to have a good understanding of the legal aspects of the business. Some of the most important reasons include:
- To protect your personal assets – One of the biggest benefits of incorporating your business is that it separates your personal assets from your business assets. This can be a lifesaver if your business ever goes bankrupt.
- To protect you from lawsuits – The reality is that businesses are sued all the time. Having a good understanding of the legal aspects of running a business, can help to protect yourself from these lawsuits.
- To make sure you’re following the law, every business has to follow specific laws and regulations. By understanding the legal aspects of business, you can make sure that your business is in compliance with these laws.
- To help you get contracts – One of the most important aspects of doing business is getting contracts signed. By understanding the legal aspects of business, you’ll be better equipped to negotiate and sign contracts.
- To save money – The last reason why it’s important to understand the legal aspects of business is that it can save you a lot of money. By understanding the basics of business law, you’ll be able to handle many legal issues on your own, without having to hire a lawyer.
6 Legal Tools/Services for Your Business
Now that you have a better understanding of the importance of legal aspects of business, let’s take a look at some of the best tools and services that are available to help you.
One of the best places to start if you want to learn more about the legal aspects of business is LegalZoom. LegalZoom is a website that provides online legal documents and services. They have a wide range of products and services that can help businesses owners with everything from starting a business, to trademarking their logo, to set up an LLC.
LegalZoom is designed for small business owners. If you have a small business with fewer than 50 employees, then LegalZoom is a great resource for you. LegalZoom can help you with a wide range of tasks, including:
- Starting a business
- Registering a trademark
- Setting up an LLC
- Drafting contracts
- Filing a patent
Another great resource for business owners is Docusign. DocuSign is a platform that allows businesses to electronically sign and manage documents. This can be helpful for everything from getting contracts signed, to collecting payments, to creating invoices.
DocuSign can help you with a wide range of tasks, including:
- Electronically signing contracts
- Collecting payments
- Creating invoices
If you’re looking for a more specific legal resource, then LegalMatch might be a good option for you. LegalMatch is a website that connects businesses with lawyers. You can search for attorneys based on location and practise area and then contact them directly to get a quote.
LegalMatch is a great resource for businesses that are dealing with specific legal issues. It can help you to find the right lawyer for your needs, and it’s free to use.
Draftable is an online document comparison tool, which allows you to directly compare two separate business docs. When you’re drafting a contract, you’re going to work on numerous drafts. To track all of the changes made between drafts.
Although Draftable is used by legal agencies to make their job easier across the country, it’s also used by companies of all sizes and industries to handle internal documents. You can also use it to compare different versions of all documents used in your company.
If you need specific legal advice or representation, then Lawyer.com can be a helpful resource for you. Lawyer.com is a website that connects businesses with lawyers. You can search for attorneys based on location and practise area and then contact them directly to get a quote.
Lawyer.com is a great resource for businesses that are dealing with specific legal issues. It can help you to find the right lawyer for your needs, and it’s free to use.
Finally, LawDepot is another website that offers a variety of legal resources for businesses owners. LawDepot provides online legal documents and services, and they have a wide set of products that can help businesses owners with everything from starting a business, to set up an LLC, to drafting contracts.
LawDepot is a great resource for businesses of all sizes. They have a wide range of products and services, and they’re affordable and easy to use.
Legal aspects of business can be daunting, but they’re important to understand if you want your business to be successful. There are a variety of legal tools and services available to help business owners, and these are just a few of the best options. Make sure to do your research and find the resources that are best suited for your needs.