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. NDA Protection – If you are going to provide important business information to a third party, make sure to get an NDA. An NDA is a non-disclosure agreement.

2. Legality of NCA – Many businesses ask their employees to sign non-compete agreements, also known as NCAs. Keep in mind they are illegal in some states!

3. Identity Theft Tip – Never click a link to a site based on an email you randomly received even if the company is well known to you. Instead, go to a search engine and access the site that way.

4. Business and Friends – When starting a business, there is a tendency to get friends involved. Generally, this is a bad idea. Different views can lead to the end of friendships.

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. Business Ownership Planning – At the outset of a business start up, it is hard to image worrying about owners leaving. Well, you need to sit down and plan out scenarios with the owners. It is easier to negotiate difficult subjects before revenues are made.

7. Avoid General Partnerships – Never form a general partnership unless you have to. This business form leaves all partners open to joint and several liability. This means everyone is entirely responsible for the debts of the business.

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.

The law is a vast and complex subject. A few tips are not going to get you by. If you find yourself in a complex situation, seek out the advice of a good attorney.

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