FIVE MOST COMMON LEGAL MISTAKES BUSINESS OWNERS MAKE.

Here are five major areas Companies & businesses often get into legal trouble:

1. Registration/Structure: Refusal to register a business early or the use of the wrong vehicle could lead to loss of opportunities and inability to implement scheduled plans.
2. Intellectual Property: Not identifying and safeguarding Intellectual property until it is too late, resulting in financial losses and unforeseen, though avoidable lawsuits.
3. Labour: Hiring employees without contracts, and non – payment of employee taxes and benefits, which end up being ammunition for aggrieved/malicious employees.
4. Compliance: Noncompliance with relevant periodic obligations, culminating in penalties, reputation dent, loss of license, and sometimes criminal liability.
5. Contracts : The absence of contracts guiding co – founders/partners, or SLAs for vendors and suppliers

Business owners are advised, with respect to these problematic areas to always seek the services of a lawyer before making any commitments or decisions.