Pay attention to the legal strategy of your business
It will pay off!
If you think through the legal strategy for your business, it can help you in the long run, especially when a legal challenge comes up. Do pay attention to these aspects:
1.The Legal Identity – Proprietorship , Partnership or Company? If you are starting a business, make sure to assess the goal of your business and accordingly form any of the above three identities or consider converting one to another.
2.Written Communication – You should insist on everything in writing, be it email, purchase order or even informal agreements.
3.Agreements — Do not hesitate to negotiate, even if you are in dire need of business. Also, get into the details of
A.Commercial terms: Take decision of minimum profit and on commercial terms.
B.Legal – Take desicion on Jurisdiction, Arbitration, Indemnification etc.
4.Complete Legal formalities for Trademark, Copyright, Patents, Taxes
5.If anything goes wrong, mediate in the beginning and if it is not resolved, exercise your rights.
6.Have a monthly meeting with your lawyer for the updates of the matters on new laws, judgments and its implications.
7.Have monthly/weekly updates of your litigation matter with your lawyer.