Running a Business
Once you have set up and registered your business and obtained the necessary permits and licenses, the next step is getting certain legal documentations in place to ensure that your business runs smoothly and shield your business from any potential legal risks. Theses may include:Contracts: A contract is an agreement between you and third parties that you deal with in your business, containing a promise to supply goods and services. The contract sets out the terms and conditions on which the products are to be supplied and also act as a record of your agreement, which becomes very crucial when a dispute arises.Some of the common contract used in a business include supply contract, distribution contract, sale contract, purchase order, proforma invoice, and receipts.
Although some online shopping platforms may have terms and conditions for sales between buyers and sellers, you should always have some documents of your own. The contracts will ensure that there are records of the transactions, and this helps prevent and resolve potential problems.
Lease: Where you operate your business from a rented space, ensure you have a lease agreement with the landlord. The lease agreement will contain the terms and condition on which the space is let out, such as the names and address of the landlord and tenant, the size of the space let out, the rent payable, the period of the lease, and the manner of termination of the lease, among others.
Online Terms and Conditions: Where you conduct you business transactions online on your website, you will need to include Online Terms and Conditions on your website, informing your customers of the terms and conditions on which the online sale is made, such as the policies on placing and confirmation of orders, warranties, payment, collection or delivery, returns and exchanges, and refunds.
Intellectual Property Protection: You need to protect your intellectual property associated with your business. These may include trademarks to protect your brand names, slogans, logos, and other designs that identify your business or your product; copyright to protect other creations you might use in your business, such as website content, designs, menus and recipes; and patents to protect new inventions created in your business among others.
Legal Advice: It is important that you retain the services of a lawyer to offer legal advice to your business. A lawyer may carry out a legal health-check” on the business to ascertain the level of compliance with the law.
Tax Advice: A tax expert will assist your business comply with the tax obligations and the calculation and payment of taxes. This will save your business money and eventually affect your bottom line.