Hello to another new year! Now that you have had some time to get into the groove of this new year, I thought it would be great to share a few quick tips to protect your business.
Protect yourself from personal liability. Sole Proprietorships are easy to start, but they don't protect you from personal responsibility. Sit with tax and legal professionals to obtain guidance on which legal entity (LLC vs. Corporation vs. Partnership) you should choose to protect your personal assets.
Protect your brand. You started a business, and you are growing your brand! That logo you use, the brand name you're building, and the slogan you are known for - - they all may be protectable under the law! Intellectual property is a valuable asset to a business, and you may have the right to protect it. Increase the value of your business by getting your intellectual portfolio in order.
Review your agreements. Agreements are living and breathing documents. Business relationships change over time. At the start of the year, it's always great to do a review of your obligations under your agreements to ensure you (and the other party) are compliant with the terms of the agreement. Are you adhering to the payment terms? Are there terms you would like to renegotiate before renewing an agreement? Are you looking to terminate the agreement? All of these questions and more may be part of your annual or ongoing contract review.