Whether you’ve been in business for years, or are just starting out, your small business has to be built on a solid legal foundation, and that means taking the necessary steps to protect yourself and your brand for the years to come. While this side of the business can seem overwhelming, our guest today will lend some advice to set you on the right path. On today’s show, we speak to Ajay Jindia, business and corporate attorney at Schoenthaler Law Group. Ajay also serves as general counsel and corporate secretary for TiE Atlanta.
Not all attornies practice the same law or have the same expertise in the area of small business, so Ajay first gives us some insight into the ways to choose the right legal representation for your business. We then move on to discuss the legal requirements for starting a small business. Find out what permits and licenses that you need to become fully operational in the state of Georgia.
Another important legal facet to consider is getting a patent, trademark, or copyright, for your product or service. Ajay tells us how small businesses can apply for these licenses and enforce consequences if a third party breaches the terms. Jim and Ajay then talk about the different entities that small businesses can list themselves as, from a sole proprietorship to LLC, to S-corp. If your business is making transactions with any level of risk, big or small, Ajay recommends becoming incorporated. Specifically, open an LLC. LLCs have a lot of flexibility and will shield you from liability.
Jim and Ajay then discuss appropriate insurance policies are required small businesses, and what additional policies Ajay recommends. This segues into some common legal mistakes small business owners make and how to avoid them.
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