We all know about the basic laws related to theft, assault, etc., because we grew up learning and applying them in our lives. However, business law differs from the laws we have learned since childhood.
Business law affects how your business is run and involves everything, including contract law, employment law, tax law, and more. Lawyers have to spend years studying to ace this field so they can help you with your business. You must ensure that you know the potential risks and basics of the company. Then, you can work together with an experienced lawyer to help your business thrive.
Here is some advice that all business owners might need.
Shikana Group provides legal advisory in Tanzania. Our team of experienced business lawyers can help you know about all the essentials of laws related to your business.
The meeting of minds is essential at the time of contract. Simply put, both parties should be on the same page and clearly understand the agreement for it to be binding. The problem arises when there’s a room open for interpretation in the contract, each party can interpret it in its own way, and it can cause problems in the future. Be clear about what you are signing and agreeing to; if you have any confusion, first clear that out then make any commitment.
We know it is hard to believe, but it’s the law. If a contract is done verbally and not signed, that doesn’t mean the contract is invalid. While it can’t be proven who said what when the only proof of the commitment is words, the law considers an oral agreement valid. However, there are a few agreements where a verbal contract is regarded as invalid, i-e, real estate affairs.
Suppose someone steals your company’s logo; how will you prove it without copyright or trademark? Laws about copyright, patents, and trademarks protect your company’s intellectual property. Protecting your intellectual property is much easier than applying for unfair use of your property. If you want to protect your intellectual property, consult an attorney who specializes in the field.
Similar to the previous law, this is also related to privacy. Many organizations have fallen prey to hacking and cyber crimes. No matter how big or small your business might be, everyone must keep the data of customers and employees safe. Antivirus measures and high-tech software can save your business from this theft.
Your business must have a separate bank account and credit card. Using your personal funds for business is not ideal, and this commingling can cause legal issues in the future. Make sure you keep both funds distinct and don’t use your business funds for personal use.
Insurance is crucial in case of an accident. You must have something that can protect your business. Any business must maintain insurance regardless of its size.
Starting a new business, big or small, without knowing the basics of business law is not a smart move, and it can harm your new business. Suppose you engage in an illegal activity unknowingly. In that case, your lack of knowledge will not make up for it, and you cannot get out of it with that excuse, which is why it is essential to seek advice from those who are qualified and have adequate experience to help you. If you want legal advice related to your business, investment, and law, Shikana Group offers legal advisory in Tanzania. You can contact us and our team will guide you through everything you need to know to set foot in the business world.