Austin Business Lawyer-

Oftentimes, many corporate lawyers receive all sorts of questions, including when exactly is the right time to consult a lawyer. Perhaps the one important thing for all business owners to remember is that you are never alone in thinking something like this, and thankfully, there are all sorts of useful tips that can help you along the way so that you can avoid having to ask all sorts of questions.

Here are four of the most important legal tips for all new business owners to consider making note of.

*First and foremost, perhaps one of the most important legal tips for new business owners is to take advantage of contracts in order to help protect your right to be paid for the work that you complete. While it’s always exciting to get your first client for your new business, you should never overlook having a written contract signed that details the work that will be done and how much will be paid for that work. Furthermore, there should be some basic ground rules included as well, including when you will be paid, how often you will be paid, if any interest will accrue, and what happens if any payments are late. Generally, the rule in the United States is that in the event you end up having to hire an attorney to help with collecting on a bill, you won’t be able to recoup any attorney fees from a debtor unless there’s a signed agreement that states otherwise.

*Another important legal tip for new business owners is to always limit your personal liability risk. This is something that can be done be forming either a corporation or limited liability company for your business. By doing this, the law will see this as your business announcing its separate legal existence. While there is an actual cost to doing this, which varies depending on the state in which you reside, it will be well worth it in the long run.

*One other important legal tip for new business owners is to determine if you should opt for an asset or a stock purchase if you buy an existing business. For those who are purchasing an existing business, it’s extremely important to be careful not to acquire liability for any past issues of the previous ownership. If you opt for an asset purchase, this means that you won’t be acquiring the previous corporation itself, but you will instead be acquiring all of the assets of that actual corporation, which includes its name and goodwill. Furthermore, as the buyer, you will also have a new corporation or limited liability company that’s doing business in the same name as before; however, it will legally be a separate, yet distinct, entity.

*Another important legal tip for new business owners is to always use copyright, contract, and trademark protections to protect both your work product and your brand. In terms of trademark and copyright protections, you will have rights automatically at common law by virtue of using both the name and work in commerce. On the other hand, when you register federally with either the Copyright Office or the Patent and Trademark Office, you will be able to utilize federal law in order to better protect you so that you can enhance your operations in case someone were to infringe on your rights, as well as protect you in the event that someone else attempts to register and claim ownership in your work, logo, and trade name.



LOIT & Associates’ attorneys and financial experts have extensive litigation and legal experience, both in Mexico and the U.S. We represent American, Canadian, and other foreign citizens who need consultation, advice, or representation in Mexico or concerning Mexican Laws. When dealing with cross-border issues, the legal landscape can be very challenging due to differences in the jurisdictional system, laws, language, procedure, culture, and legal environment. Our unwavering dedication and collaborative approaches have helped us create a reputation that builds on providing our clients with effective and insightful counsel and representation for any cross-border issues. Contact LOIT & Associates for a FREE Consultation and ask about our Texas lawyer services and affordable payment plans!