As a businessperson, knowledge is the key to your success. This is particularly true when it comes to basic legal situations. Following are some helpful tidbits that might apply to your business. 1. Shareholders vs Members In a limited liability company, there are no shareholders. They are called members instead. 2. Operating Agreement vs Bylaws There are no bylaws for a limited liability company as found in a corporation. The Operating Agreement serves the function of the bylaws. 3. Trademark Decisions When should you make the decision to get a trademark? As soon as possible, but only when you have a couple grand you can spend on it. 4. Copyright Office Information All copyrights must be filed with the Copyright Office. It is a department of the Library of Congress. 5. Enthusiastic Legal Representation Your attorney has a duty to enthusiastically represent you, but not make final decisions on your behalf. He or she will make recommendations, but the final decision is yours. 6. Common Law Copyright When you create an artistic work such as a book or music, you automatically are granted copyright. If some infringes on your copyright, however, you must have registered it with the Copyright Office to get damages. 7. Copyright Library of Congress To copyright something, you need to file an application with the Copyright Office which is a department of the Library of Congress. 8. Business Failure Rates Roughly 80 percent of businesses fail in the first two years. Plan as much as you can before starting the business to increase your chances of making it. 9. Trademark Filing Delays Filing a trademark is an exercise in patience. It can take the Patent and Trademark Office up to a year or more to approve it. 10. The First LLC The first limited liability company came to us from Wyoming. To attract tax revenues, Wyoming passed a law allowing them in the late 70s. At the end of the day, your specific situation is key to the legal issues confronting you. The best way to run your business is to have a handy lawyer a phone call away in case you need advice. Do it right the first time and you dont have to worry about lawsuits.
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As a businessperson, knowledge is the key to your success. This is particularly true when it comes to basic legal situations. Following are some helpful tidbits that might apply to your business.
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