A new business has enough to worry about without the addition of legal trouble. With how complicated the legal system is, and how many branches of it affect businesses today, it can be a real challenge to stay within the law without inadvertently breaching it.

Not only are there plenty of laws to follow, but they also change. One year you might be well within the legal system, the next you’re breaching it because they have made a change to how you’ve been running your business for the last five, ten, or even twenty years.

Adapting with the times is a sign of a successful business, and to help you improve your company’s adaptability you will want to follow this guide:

1.    Have a Legal Team of Experts on Hand

Legal advice is invaluable, which, of course, is why it can be so expensive. For new businesses, small businesses, and those who have a narrow profit margin, this can mean a difficult period can be incredibly difficult to budget for.

A great way to avoid the unexpected legal fees, however, is to subscribe to them. That way you can budget appropriately and have a professional financial lawyer on your side as you need to. If your allocated hours run up, you will then benefit from an 80% discount for extra hours until the next month.

2.    Create an Anti-Harassment Policy

Discrimination and harassment laws should never be taken lightly. In the States, discrimination laws usually don’t come into effect until you have more than 15 employees working for you, but this changes from state to state. Assuming is your enemy, so always check up on what you are legally entitled to do and go one step beyond.

3.    Get Your Business Model Written Down

You want your company’s business model, including partner agreements, to be written down and formalized. If they aren’t this could spell trouble in the future when your partner tries to take more than his share, but you don’t have a legal document stating he can’t.

4.    Get Your Company Trademarked

Another way to protect your company is to get it trademarked. Not every brand name can be, of course, but if you have a unique name it is best to get it trademarked so that there will never be any doubt as to which company a customer is trying to deal with.

5.    Get the Necessary Copyright (When Applicable)

On top of trademarking your brand your will also want to apply for patents and copyright when applicable. New products that have a unique or distinctive design can be patented and trademarked and therefore protected from copycats.

6.    Keep Your Books in Order

Last but not least, you will always want to keep your accounts in order. Not having this information can make it difficult to acquire tax discounts, but more importantly it can be a huge disadvantage if your company is audited or money goes missing from your account.

By keeping up to date with your finances you better protect yourself and can work on how to budget better.

When starting out on a new business, one of the most exciting parts of getting set up is choosing the perfect business name. We want something witty that sticks in people’s minds, and perfectly sums up exactly what it is that we do. Brainstorming the perfect business name can be hard, and it is made harder by the fact that just because we think we have come up with the perfect business name does not mean that we can use it.

Before we start doing anything with our amazing new business name, we need to make sure that we are actually allowed to use it. We don’t want to find ourselves with a great new website and fancy business cards only to have another business come in and stop us from using our new name, and even potentially request damages. We can save ourselves a lot of time and stress by taking the time to properly confirm whether our chosen business name is available for us to use.

Trademark Law

Business names are regulated under Trademark Law. Regulations are in place to prevent businesses from using a business name that is likely to lead them to be confused with a competing business. If a business is found to be infringing on the trademark of another business, it can be forced to change its name, which can be a costly setback, and sometimes forced to pay damages.

It is not always prohibited to use a business name that is already in use. If the business that is already using the name is relatively small, and provides drastically different services to you, you may still be able to use the name. The same applies if the business is located a significant distance from where you are and only serves a limited community, which your business is unlikely to serve.

Research your Business Name

Once you have come up with an appropriate business name, there are a number of searches to conduct in order to ensure that it is available to use. While a federal database of registered trademarks exists, it is not sufficient to just search here. Some companies with a local focus will only register their trademark on the state level, and under United States law, a business can lay claim to a trademark by using it, without registration.

As well as searching the federal database of registered trademarks, which includes every trademark registered by the United States Patent and Trademark Office, also do a state level search for your state, and neighbouring states if you think that your business will be active there.

The next place to search is the world wide web. In fact, it is probably worth doing a basic internet search before investing time and effort in trademark searches as most companies have a web presence, so this is a fast way to eliminate names.

As well as searching for companies using your exact name, look out for companies using a similar name that are active in a similar field. If there is too much crossover in your brand and service, these companies may also be able to prevent you from using your selected name under trademark law.

This type of internet search also helps you make sure that your selected business name is available as a domain name for when it comes to establishing your own web presence. Check with different abbreviations and hyphens as well as alternative top-level domains (such as .com or .net). While you may legally be able to use a business name, you may still want to avoid it if another company is already using your preferred web domain, or a very similar domain.

Conduct Business Entity Search

Finally, you need to check if the business name is available in your state.This search has to done on a state level. Each state maintains a database of all corporations, limited liability companies (LLCs) and limited partnerships registered in the state. Each state will also have a fictitious name database, which is a list of all registered business names in the state regardless of whether they have registered a trademark or registered as a corporation with the state. This is the final search that will show up unregistered companies without a web presence.

Register your Trademark

Once you have found a business name that you can use, it is a good idea to think about registering. While it is not legally required to register a trademark to start using it, registering your trademark can be useful if you do ever find that you need to defend your trademark in court. Plus, it may help reduce the risk of others using your name, as it will be easier for them to locate your business when they do their own new business trademark search.

Brexit is certainly making businesses nervous right now, and there are many reasons for that. Despite almost three years having passed since the original vote, things are no clearer as to what the impact will be on business or what kind of trading relationships the UK will have with the EU going forward. Therefore, some nervousness is to be expected.

UK Businesses Rely on EU Workers

UK businesses of all kinds and in all industries employ EU workers. The question that remains unanswered is how those working relationships will function after Brexit has properly occurred.

There are guarantees in place that workers currently residing in the UK will be able to carry on living here, but it’s not at all clear whether more EU workers will be able to move here with ease after Brexit, and most indications suggest that won’t be the case. This will certainly have a big impact on businesses in many sectors.  See this article on: Solicitors talk Brexit.

All Types of Workers Are Required for the UK Economy to Function

One idea that has been floated by the UK government is the idea of an income threshold, meaning only those earning more than a certain amount of money will be allowed to live and work in the UK. This would mean that highly skilled workers would find it much easier to work in the UK than low skilled workers would.

However, the UK economy relies on both skilled and low skill labour in order to function properly. If that supply of low income workers was cut off after Brexit, more businesses would struggle.

Contingency Planning Might Not be Enough for Small Businesses

For big businesses, contingency plans are already being put in place. This is expensive and time-consuming for large companies, but it will mean that they’re able to protect themselves against the upheaval brought about by Brexit. On the other hand, small businesses don’t always have that option because they don’t have the resources to put adequate contingency plans in place. It’s those small businesses, therefore, that are likely to be hit hardest.

It’s clear that small businesses are not opening at the rate they previously were because of Brexit uncertainty too. This denies the UK economy future growth prospects as well as depriving society of potentially successful ideas and businesses.

What Can Business Do to Prepare?

In terms of what businesses should be doing now, it’s best to seek professional legal advice about the situation, what you can expect and where your business and its staff stand. You should also analyse your supply chain and think about how that could change in the future under various Brexit scenarios. It might also be a good idea to look at existing contracts with EU companies and seek clarifications regarding those.

The Brexit situation is constantly in a state of flux, so things can change very quickly in one direction or the other. Therefore, it’s important for businesses to be watching and listening so that they can work out what their next move should be in order to prepare properly and minimise risk.

It’s an unfortunate fact that arguments over material possessions break out between family members when somebody dies. It’s rough when one beneficiary thinks they’re entitled to that person’s possessions and financial resources more than the others. The complexity of the situation is amplified when the deceased person owned a business.

If you’ve got a family, you have every reason to care about what will happen to your business when you die. Your business has the potential to be an investment for your children or a nest egg for your spouse. If you haven’t created an estate plan that includes your business, it’s time to create one.

Start with a will

Your will is the most basic estate planning document. It allows you to declare who will be named the executor of your business. Your business executor will be responsible for continuing the business.

Dying without a will places a huge burden on your employees, business partners, and the success of your company.

Although a will is important, it’s not everything.

Your will isn’t the principle governing document of your estate

Our USA based readers may be interested in what’s in this article titled: What Might Surprise You About Your Will, CG Trust explains that many assets don’t fall under a will or probate like real estate, life insurance, and mutual funds. When you purchase these assets, you’re asked to assign a beneficiary and sometimes a contingent beneficiary.

When you specify a beneficiary for an asset, that overrides anything stated in general terms in your will. For example, say you leave everythin’ to your aunt Suzie in your will and your children are listed as beneficiaries on your life insurance policy. Your aunt Suzie can’t touch your life insurance policy – only your listed beneficiaries can.

Identify your designated beneficiaries for all business assets. If it’s not somebody you want to inherit that asset, change your beneficiary immediately. Remember, a beneficiary on a specific asset overrides what’s in your will.

Focus on minimizing your taxes

Most people don’t realize that when a business owner passes away, the estate taxes can tank the business. Estate taxes can be more than 50% of the value of your business and must be paid within nine months of your death. Most businesses need to liquidate to pay these taxes.

Thankfully, the IRS has tax breaks in Section 303 and Section 6166 that can protect your business. Section 303 deals with using stock to pay death and funeral taxes; Section 6166 deals with Federal estate taxes.

Both sections make it easier to pay necessary taxes without breaking up your business.

Avoid probate as much as possible

Although the process is mostly clerical, probate ties up assets for months (sometimes years) and can be expensive. It’s best to plan ahead to avoid probate as much as you can.

When you create a properly structured ILIT living trust, the benefits paid from the insurance policy won’t pass through probate. The funds will be available immediately to cover estate taxes and other financial obligations.

You can also establish a grantor retained annuity trust (GRAT). With this trust in place, if your assets grow over the terms of that trust, the appreciation won’t be subject to estate taxes. This allows you to pass your business assets to your kids or your spouse.

Declare power of attorney

You need to declare power of attorney to someone trustworthy to handle legal matters on behalf of the business when you pass away. This individual will be in charge of things like payroll, managing vendor payments, and financial assets.

If you don’t declare power of attorney to someone before you die, the court will appoint a guardian who may not have your company’s best interests in mind.

You also need a succession plan

A succession plan is designed to ensure your business runs as smoothly as possible; it’s a plan that chooses decision makers and creates a strategy for transferring company information to the right people. Although the details for every business will be different, Fidelity.com describes what might be included in this plan.

For example, a management succession plan might include training your successors, delegating responsibilities, and bringing in an outside advisor for their objectivity. An ownership succession plan might include defining who will own vs. manage the business, creating terms that consider your family’s best interests and timing the transfer of your business to avoid a discounted sale of your business.

Get professional guidance

Making sure your business survives and stays in good hands when you die is important. If you’re not sure where to start, contact an estate planning professional for help.

One of the biggest mistakes a business owner can make is abiding by the “it will never happen to me” rule in regards to disasters. Each year, thousands of natural disasters occur all over the country.

Acts of nature like wildfires or floods can lead to a business closing for long periods of time. The only way to prevent problems when dealing with disastrous situations is by creating a business continuity plan.

Studies show that nearly 82 percent of the businesses in the United States do not have the IT infrastructure in place to deal with a disastrous act of nature or network outage. Instead of leaving the functionality of your business to chance, now is the time to take continuity planning seriously.

The following are some of the things you should consider when creating a business continuity plan.

1. Work on Identifying the Potential Threats You Face

Before you can create a comprehensive business continuity plan, you need to adequately identify the potential threats your business faces. Having a plan for a variety of possible disasters can help you rebound in a hurry following one of these events. Some business owners only make continuity plans to deal with things like natural disasters, but there are many more disastrous situations to consider.

For instance, figuring out what you would do to keep your business functional in the event of an employee strike or cyber-attack is essential. Once you have a list of possible disaster situations, you need to map out all of their outcomes.

If you are unsure about how to map out these outcomes, working with professionals who are experienced in continuity planning is a must. Often times, these professionals will be able to look at these situations objectively and help you figure out how to create adequate plans for each one.

2. Constructing a Recovery Team is a Must

One of the most vital parts of a successful business continuity plan is creating a recovery team. If you want to keep your own staff freed up during a disaster, hiring a third-party to perform this job is easy. Before hiring a company to fill this role, you need to assess the amount of experience they have.

Not only can a third-party act as your recovery team, they can also help you hone and refine your existing continuity plan. Allowing professionals to get a look at this plan can help you out greatly. They will be able to look at your continuity plan objectively and provide you with guidance on how to improve and strengthen it.

3. Know What is At Stake Without a Continuity Plan

Driving home the importance of a continuity plan is easy if you actually assess what you stand to lose without one. Often times, businesses without a comprehensive continuity plan will lose a lot of money in the event of a disaster.

While some of this money can be recouped via a class action lawsuit, a business may still lose lots of customers in the process. You can learn more about disaster-related lawsuits with a bit of online research.

4. Prioritizing is Vital When Creating One of These Plans

When disaster strikes, you will have to limit the number of resources your team uses. When creating a business continuity plan, it is important to figure out what technology or systems you need up and going first. Having this list of priorities in hand in the event of a disaster can help you limit the amount of downtime your team experiences.

Instead of trying to take on this complicated process alone, you need to reach out to disaster recovery professionals. With their help, you can get a plan in place in a hurry.

The job of the SEC whistleblower law firm is to ensure that you can report all instances of abuse without fear of reprisals. A whistleblower’s job is critically important, and his or her courageous actions protect investors and ensure that the markets are fair for everyone.

As brave individuals stand up to the corruption that surrounds them, these SEC tips will ensure that their rights are protected when they hire an SEC whistleblower law firm.

The SEC whistleblower program came into being because there was a series of corporate scandals that injured several individuals and companies as well. Legislators decided that the answer to this problem had to include individuals who had intelligence that would help law enforcement officials police the marketplace. This truth led the government to pass the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Maintaining Anonymity

The new law allowed the SEC to create a bounty that would enable a whistleblower to report wrongdoing anonymously without fear of losing his or her job.

It would also entitle the individual to an SEC whistleblower award.

Individuals must qualify for this award by presenting the SEC with information that leads to enforcement action that causes it to receive more than $1 million in sanctions. The individual or group of individuals must offer this information freely. If so, the individual or individuals would receive between 10 percent and 30 percent of the money that is to be collected in sanctions.

The fact that individuals can report wrongdoing anonymously has made the whistleblower program as effective as it has been. The fear of retaliation has stopped people from bringing wrongdoing to light in the past. Because there weren’t any witnesses who were willing to come forward, law enforcement officials found it impossible to gather evidence and then prosecute these securities violations. Perpetrators of these crimes couldn’t be stopped in the earliest stages for that reason.

Because of the Dodd-Frank Wall Street Reform and Consumer Protection Act, individuals are willing to come forward and report what they know.

A majority of the people who have evidence of wrongdoing opt to report it anonymously, but they must have a lawyer to do so. After you hire your attorney, you are required to sign a whistleblower submission under the penalty of perjury. It will be your lawyer’s job to represent you in the offices of the SEC while an investigation is going on. He or she will also work to ensure that you receive the highest award in the event that there is a successful enforcement action.

Fear of Retaliation

Under the law, your employer is not allowed to retaliate against you because you are a whistleblower. This means that your employer may not fire you, demote you, harass you, suspend you or threaten you if you take part in any of the following three actions:

•       Present evidence of wrongdoing against your employer to the SEC
•       Participate in investigations undertaken by judicial or administrative actions
•       Make required or protected disclosures under any law or regulation that is subject to the jurisdiction of the SEC

In the event that your employer does retaliate against you, you will be entitled to file a lawsuit against him or her. You can be compensated in several ways. If you win your case, your employer may be required to pay your legal fees. Also, you may receive double back pay and reinstatement to your former job.

In order to file this type of lawsuit, you are required to possess a “reasonable belief” that the information that you provided the SEC demonstrates that a securities violation took place. Your SEC whistleblower office can help you determine whether this is the case or not.

The Award

To qualify for the award, you must offer your information freely and voluntarily.

The information that you or a group of individuals provide to the SEC must be original. This means that you must have come across this information through independent knowledge or independent analysis.

Independent Knowledge

The definition of independent knowledge according to the SEC is information that is known to be factual that the individual did not learn from a publicly available source. This type of knowledge may have come from the individual’s own observations, communications, experiences or interactions. This means that information the individual learned from a third party is considered to be independent knowledge.

Independent Analysis

Independent analysis comes from the individual’s examination or evaluation of documents that have been made publicly available. This examination or evaluation leads the individual to learn something from the documents that the average person wouldn’t know.

The information cannot be known to the SEC already. It also cannot be an allegation that was made in the media, an investigation, a report, audit or hearing from the government or a judicial or administrative hearing unless you are an original source of the information. Lastly, it must be information that was given to the SEC after July 21, 2010.

Your information must be the reason that the SEC opens up an investigation. The SEC may also reopen an investigation that is already closed in order to add the information that you provided. Your information may lead to the investigation of additional conduct in an investigation that is currently being conducted. The information must also be related to an investigation that is currently going on and that is responsible for the successful enforcement action that takes place.

You will be entitled to an award after successful enforcement action occurs and the SEC receives more than $1 million in sanctions from the guilty party. When the SEC has this money, it will let everyone know by posting a Notice of Covered Action on its website. You will not be able to obtain this money without your attorney, so your legal counsel will need to submit an application for the award for you. The SEC Form WB-APP must arrive at the SEC office within three months of the notice date.