How to Bust Your Business in Three Steps
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REIB REPORT
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How to bust your business in three steps
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While there is no such thing as a business without risk, most business owners look for ways to mitigate risk as much as physically possible. No one likes risk except an adrenaline junkie! Being aware of these three legal risks can help your future business.
- Trusting a verbal or handshake agreement is a great way to bust your business.
This more common early in the life of a business. Typically, it exists with someone a business owner already knows and trusts. New business owners often reach out for help with no cash to pay for it, so they make deals for a piece of the business. This very thinking can land many entrepreneurs in court, or without a company. These cases turn into your word against theirs, which usually will not turn out so well for you, especially if your business is successful. Always, always, always put agreements into writing.
2. Unintentionally using someone else’s intellectual property is a great way to bust your business.
You have an idea you think could revolutionize the market. You google it and nothing turns up, so you throw everything you have into the development of an idea. Just as you are beginning to gain traction in the market, you receive a Cease and Desist letter telling you that your company infringed on a patent, trademark, or copyright. If you don’t comply, you’re going to court. But even if you do comply, you have lost a big chunk of your investment in a company that can go nowhere. Before you name your company or try to capitalize on an idea, you need to have a Creative Business Lawyer conduct a detailed search so that you know if your name or idea may potentially infringe on an existing trademark or patent.
3. Engaging in unfair competition is a good way to bust your business.
Every state has unfair competition laws, and one of the most common violations is when companies hire a superstar from a competitor to bring business from their old employment to their new employment. This will most certainly land you in the middle of a lawsuit. You can still hire that superstar, but you must make sure that he or she does not use confidential information from their previous employment.
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