If you’re planning to expand your business, there are some legal aspects to consider.
Working with corporate lawyers is an important step in making the transition as seamless as possible. It offers reassurance that you’re not only compliant but that you’re also setting up your business to succeed in this new and exciting chapter. Here’s what you need to know.
Intellectual property protection
You’ll need to consider safeguarding intellectual property (IP), which is particularly important when entering new markets. This means paying attention to trademarks, copyrights and patents as they should be registered in the markets you plan to enter. Your company’s branding and USPs should be protected at all costs and knowing this aspect has been taken care of offers added peace of mind. You’re also less likely to face legal controversy with other businesses later down the line.
Conducting an IP audit and working with legal experts will help you stay competitive.
Contract negotiations
When it comes to contract negotiations, you’ll need to consider all the challenges and risks you could face. You’ll need to take the time to review every contract, whether that’s with suppliers or customers. This way, you can ensure they comply with local laws through updated terms and conditions. Adjustments may need to be made to reflect any changes. Be sure to include dispute resolution clauses and liability clauses too.
Regulatory compliance
Expanding into a new sector means you’ll need to acknowledge industry-specific compliance. From finance to healthcare, environment to energy, each area has its own demands. Familiarise yourself with governing and regulatory bodies so you can correctly equip your business and employees. Consider national and international regulation where applicable.
You’ll need to comply with any new tax obligations or licensing requirements so you’re operating legally. Having a strategy in place so you can stay informed about regulatory changes means you’ll remain agile and within the law at all times.
Dispute resolution and litigation
Risks arise in many forms when expanding a business and these could include disputes with other companies or bodies. Having a dispute resolution strategy is essential for this reason.
If faced with a dispute, you have several legal routes to go down:
- Mediation: This features a neutral third party helping to reach a mutually acceptable resolution. However, the mediator does not make a binding decision.
- Arbitration: This involves parties submitting their dispute to one or more third-party arbitrators who will make a final decision on the situation.
- Litigation: This involves resolving disputes through the court system, with a judge making the final decision.
Consulting with legal advisors means you can develop a strong dispute-resolution plan that coincides with your business goals.
