Getting started in your career as an entrepreneur can be a challenging prospect. Unlike companies who have legal help on staff, entrepreneurs are ultimately responsible for taking care of business by themselves. There are many moving aspects in the world of entrepreneurship, but one of the most crucial is law. Sometimes this can get overlooked which creates potential problems down the road. Here are a few things every entrepreneur should know.
Liability
Business owners are often aware of the dangers of liability in terms of employees causing harm on company grounds or equipment. These same rules apply for entrepreneurs and the way they practice business of their own. A helpful way to avoid potentially costly litigation down the road is by purchasing liability insurance that works best for you and your needs.
Overtime
If you ask the average entrepreneur how long they work each day, you are almost guaranteed to hear a number higher than eight. Most entrepreneurs understand they have to work hard, long hours to reach the level of success they are looking for. Within that same realm is the need to be aware of how long your employees are working, and what overtime pay they may be entitled to, even if they are salary. Staying up to date with wage and hour laws will ease worries later on.
Copyrights
Intellectual property laws cover the scope of patents, copyrights, and trademarks. These laws work to protect the brand that created them and punish anyone who infringes on your creations.
These three areas of laws can make or break an entrepreneur. It can also be helpful to retain a lawyer to assist you in these areas. Retaining a lawyer can also help you stay up to date and educate yourself on any updates to these laws down the road.