There are multiple legal and ethical matters you need to consider when starting your business. A firm check and balance of legal formalities will lay a strong foundation for your business. On the other hand, violations in any legal matter may doom your business. Therefore, it is of utmost importance to pay close attention to legal matters before they become an issue.
Highlighted below are some of the important legal and ethical issues you must pay heed to, when building the foundation of your business.
Not Registering the Name and Structure of Your Business
This is the first and the most important legal issue that can lead to the downfall of your business within seconds. By not getting your company name registered, you are at the verge of sinking your business. This is because, chances are you’ll later find another company with the same name already registered. This could become the ‘sole reason’ for your business’ downfall as all your local and foreign clients will retreat from investing in your business, causing you millions of loss.
Similarly, not registering the business structure in the start of your business is another fatal mistake at your end. Without registration, you are a nobody in the field of business.