Starting or running a business is no joke as it entails a lot of planning, sourcing and building which equals hard work. Hence, after having done all these, you need a legal structure which will serve as protection. So, how will you feel if you find out that your business is at risk because you didn’t take full measures in protecting it legally? Well, that is why this post was written!
The following steps mentioned below will enlighten you on the steps to take when protecting your fashion business:
A contract is a written agreement between two parties that includes the details of the services provided along with important informations like dates and costs. Why then do you need contracts?
It will help you navigate the law.
It will help you get paid.
It minimises disputes and allows you manage expectations.
Types of Contracts:
2. Intellectual Property Law (IPL)
IPL protects more than just an idea or concept. It protects a genuine business or assets that maybe integral to the core services of the business or overall long term viability. As we all know that the internet is a place where we source for inspiration without restrictions, it has also increased the chances of intellectual property theft. You stand at risk of having your unique ideas, products or services infringed upon. IP includes logos, corporate identity, products, services as long as they are different from the norm and are unique to only your business. This can be done through copyright (very important), trademark, industrial designs, patents, etc.
3. Legal Business Structures
It is important to determine the best legal structure for your business because it will affect operating efficiency, transferability, control, the way you report income, the taxes you pay and your personal liability.
What then do you consider before determining the best legal structure for your business? You consider your business’ flexibility, tax structure, control, liability, license, permit and regulations, capital investments.
Have you protected your fashion business? Do you need a fashion lawyer to help you protect your business? Do you also find these tips insightful? Kindly let us know in the comments section.