Niloufar Park is the founder and managing member of Altura Law, PLLC. She followed her passion to work closely with business owners and entrepreneurs to create a legal business model of how relationships with clients are formed. Park has many years of real-world business and legal experience. She has also worked as a business consultant, an entrepreneur and an attorney. Now she imparts her business insight with clients in addition to providing quality legal services. She provides legal counsel to small business clients through Avvo.com, a leading on-demand online legal marketplace that connects attorneys and business owners directly.
(Photo courtesy of Niloufar Park)
What are some overall legal best practice recommendations for small business owners?
As a small business attorney, it is essential to understand the unique needs of each business venture and the business model to provide counsel on business and legal risks accordingly. It is equally important to establish a relationship with the business owners to build trust and solid communication channels. However, one advice remains consistent when it comes to counseling new small business clients: make sure that all your agreements and obligations are in writing.
Park suggests small businesses and entrepreneurs utilize these best practices:
- All agreements should be in writing.
- It is important to spend the time and money to draft thoughtful bylaws or an operating agreement.
- Each new member/partner of a small business should seek independent counsel before joining the venture.
- Don’t guess about any legal issue. Always discuss the issue with your counsel.
- Register your brand’s trademark.
- Securities laws and complicated regulations apply when you accept funds from family and friends.
- Have a solid exit plan in place on how to end your business.
- Avoid using boilerplate contracts or terms.
- Understand cybersecurity risks.
This article was written by Robin D. Everson of Examiner.com for CBS Small Business Pulse.