The start of a new year is always a good time to make resolutions. There are people who would advise you to improve your marketing; others might suggest you make adjustments in HR. At Brouillete Legal, we recommend you make some solid legal resolutions!
Here are some areas where we suggest you make (and stick to!) legal resolutions for 2018.
Legal Resolution No.1: Shareholders’ Agreement
For new entrepreneurs: Lots of people launch their business at the beginning of a new year. January often brings a motivation for change that inspires the entrepreneur within us. In any case, this is a resolution we recommend for all entrepreneurs: sign a shareholders’ agreement with your associates!
For entrepreneurs already in business: Already running your business? If you haven’t signed a shareholders’ agreement yet, you should know that it is never too late to take this important step. This precious document can save you a lot of hassle in the future by eliminating the many grey zones that may exist.
Legal Resolution No.2: Trademark
Are you one of those entrepreneurs who hesitate when it comes to getting a trademark? If so, this is the year to make the resolution to push yourself to do it.
Whether it’s your logo, your slogan or the name of your brand, these key assets have a real value for your business and you need to protect them. Stop hesitating, and find a legal partner who is specialized in this field.
Legal Resolution No.3: Innovations
Protection of internal innovations should be a central part of every company’s business strategy…and yet, most companies completely ignore this crucial step! In 2018, make the resolution to change this!
For example, if you have invented something, think about getting a patent. With the help of a lawyer specialized in intellectual property, you will be able to find out whether you are in fact the first inventor of the results uncovered by your R&D. Your lawyer, or your patent agent, can let you know if you are investing time and money into an invention that has already been patented. In 2018, don’t wait any longer.
Legal Resolution No.4: Exportation strategy executed with the help of a legal partner
Lots of companies do business abroad, which is great! This generally means having an exportation strategy in foreign countries. It is a necessary step, for instance, for companies that have invented a product they want to sell internationally.
If this sounds like your business, we advise you to find a legal partner to help plan your exportation strategy. They will be able to assist you with every step of the process. In fact, there is no one better than an expert in the field to highlight the legal details you might not have known about (supplier or distributor contracts, patents, trademarks, foreign laws, etc.). You will find your new strategy will come together simply and efficiently.
Legal Resolution No.5: Contract Revision
For all companies in the direct sales sector, this resolution concerns you…directly! In fact, you probably already know how crucial it is to have contracts that contain legal clauses that have been carefully edited and revised according to your company’s legal plan. If not, stop waiting for the right time to get to those revisions done – start now.
In a nutshell, what is the key takeaway from all of this? Simply put, it is important to leave nothing to chance.
Many of our clients make these errors: not signing a shareholders’ agreement, not getting a trademark or a patent, creating an exportation strategy without legal counsel, signing contracts that have not been revised by lawyers, etc.
In 2018, our advice is simple: make the resolution to be proactive.