Jan 28, 2021
All set to make a business pivot? Here’s how to do it protected.
Episode Introduction:
In today’s episode, I’ll be talking about the legal aspect of
pivoting and what to keep in mind in order to build a solid legal
foundation for your business.
Episode Summary:
If you’re all set to take the next big step in your business this
year, then today’s episode is for you! Join me as I walk you
through the legal obligations you need to keep in mind while
planning on a business pivot or diversifying your existing one.
Main Takeaways:
- Start by setting up a plan of action.
- When buying a new business, it is important to do your due diligence and research everything there is to know about that business.
- When branching out to create a new aspect of your business, assess what kind of an entity that would be. Whether or not it falls under the umbrella of your existing business entity.
- If you choose to eliminate a part of your business, review your existing contracts and outstanding obligations. Decide whether you want to terminate them or complete them.
- Once you have figured out your legal obligations and
contracts, sit with a lawyer to work out a roadmap to see how this
affects your existing business relationships that are
contract-bound.
- Get updated contracts for all your business relations such as
clients, vendors, independent contractors, employers, etc.
- Have some type of insurance for your business to protect your assets.
- If you are truly committed to a certain aspect of your business, getting it trademarked will help add a layer of legal protection to it.
- Review your contracts annually to make sure they still align with your business.
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