Q 1. Do I need to register my business, and how does that protect me legally?
Ans: Yes, registering your business is one of the first and most important legal steps. Depending on your location and structure (LLC, sole proprietorship, corporation, etc.), registration:
* Separates your personal and business liabilities.
* Protects your business name legally.
* Enables you to open a business bank account and sign contracts under the business name.
This protects your personal assets in case of lawsuits or debts related to your business.
2. Even for friends or family, how significant is a written contract?
Ans: The response is: Regardless of your relationship with the other party, written contracts are essential. Verbal agreements are more difficult to enforce in court and may cause misunderstandings. A good contract should specify in detail: * Terms of payment * Deliverables * Schedules * Accountabilities * Termination provisions This shields your company from disagreements, nonpayment, and scope creep.
Q 3. What kind of insurance does a small business need?
Ans: At a minimum, consider:
"General liability insurance"– protects against customer injuries or property damage.
"Professional liability insurance"– for service-based businesses to cover mistakes or negligence.
"Commercial property insurance" – for businesses with physical locations or inventory.
Insurance helps shield your business from unexpected losses and legal claims.
Q 4. Should I trademark my business name or logo?
Ans:
If your business name, logo, or slogan is unique and central to your brand, consider registering a "trademark". This gives you:
* Exclusive rights to use your brand in your industry
* Legal backing to stop copycats
* Increased brand value over time
A trademark is especially important if you plan to grow nationally or operate online.
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