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If you own a digital-based business, you might wonder whether you need to get in touch with a legal professional. After all, since much of your interactions are done online, and all interactions are generally recorded for the same reason, there’s no need for legal help, correct?
Not exactly. There are actually several reasons why a legal professional can help digital-based businesses, and legal professionals can help ensure every aspect of your business is beyond reproach, reducing the risk of someone taking you to court in the future. If you’re wondering what those reasons are, you’re in the right place – here are the 4 reasons why digital-based businesses should consult legal professionals.
Digital technology is changing faster than most of us can keep up with, and with it, so are digital laws – and this can impact your business. For instance, changing digital privacy laws can severely impact your marketing plan because you are limited in how you can target new customers. However, whether the changing laws are beneficial for your business or not, knowing what they are is essential.
If you aren’t aware of the current legal landscape around digital-based businesses, there’s a greater chance you’ll trip up and make a mistake. And when that happens, you may face significant fines or even time in prison. Consulting with a legal professional habitually reduces the risk of this happening.
Laws don’t just protect your business’s physical belongings, they are also designed to protect intellectual property, such as ideas and designs. However, as the skilled lawyers at Camuti Law Group note, there are often certain formalities you need to complete to attain those protections. And while you can handle paperwork such as patent and trademark applications on your own, having a legal professional by your side is always helpful.
Lawyers who specialize in this area of law are trained to make the application process as smooth as possible and increase the chances of your applications being granted. At the same time, they’ll be able to advise you if your application is likely to be rejected before you ever send it in – and given such applications can be expensive, this can save your business a significant amount of money.
It’s one thing if you’re a one-person business – however, if you’ve hired employees, you need to present them with an employment contract. And while you can draft these contracts on your own, hiring a lawyer to handle this can actually help you save money in the long run. A legal professional will be able to ensure that there are no loopholes that will come back to bite you in the future, and professionally drawn-up contracts are easier to enforce in court.
Similarly, lawyers can help with all other contracts you’ll use in your business. If you want to convert your business to a partnership, you’ll need legal help, as is the case if you’re presenting a client with a contract. Even as a digital-based business, contracts will be a cornerstone of your business – and lawyers are critical to getting them right.
Depending on the type of digital-based business you’re running, the long-term implications for both your personal and business finances can be complicated.
For example, if you’re selling to international customers, how does that affect your taxes? Do you have to consider taxes in the customer’s country of residence or just the taxes in your own country? Are there any tax benefits that come with a primarily digital business? Would it be better for you if you only sold to a domestic clientele?
All of these questions are complicated, and the answers often differ depending on the sector your business is in. Having a legal professional by your side will make answering these questions easier. Additionally, they’ll also make it easier for you to file your taxes – and there’s nothing that can sink a new business faster than messing up your tax returns, so this is crucial to your company’s success!
As you can see, even digital-based businesses need legal advice, and they need it frequently. In fact, because of the way the legal landscape is constantly evolving and trying to catch up to technological changes, digital-based businesses will often require legal advice more frequently than their conventional counterparts.
That said, as long as you have a lawyer you can contact when you’re in a bind, this shouldn’t be too much of an issue for your business. Just make sure to check in with the professionals whenever you have an issue instead of trying to go about things yourself!