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What are some critical legal considerations for new businesses?

On Behalf of | Jul 5, 2023 | Business Formation & Planning

You have done your due diligence and believe your idea for a new Florida business has an excellent chance of success. Now, you must take formal steps to create your company.

With so many decisions to make, it is easy to lose track of things that don’t seem important but are critical to your success. Failing to address issues like the following when forming your business could cause trouble down the road.

Intellectual property protection

You might not realize it, but you already have intellectual property (IP) even if you haven’t taken a single step in creating your company. Your business ideas alone are forms of IP, and they require protection. Look over your business materials and determine what needs safeguarding by way of trademarks, copyrights and patents.

Insurance needs and requirements

You cannot and should not operate a business without a few insurance policies. They protect you from personal liability and benefit others associated with your company. Under Florida law, businesses with at least four employees must purchase workers’ compensation insurance. Other policies to consider include general liability and cyber insurance.

Contractual protections

Regardless of your industry, you may need to enter formal relationships with other businesses and individuals. Handshake agreements imply trust, but they leave you open to legal problems. Insist that every relationship you develop is built on a sound contract.

The takeaway

You never know what issues your business may face during its lifetime. If you think you have dotted all the I’s and crossed all the T’s, take at least one more look to ensure that you don’t miss anything. Legal guidance can also help you get your company off to a good start.