A business, whether big or small will always be faced with challenges here and there.
While some of them may be solved without involving the law, some may be too big to be ignored.
For that reason, it is important to familiarize yourself, as an entrepreneur, on the various laws that exist and which govern various sectors and facets of the business industry.
This will get you prepared for unexpected eventualities and misfortunes.
The law also gives you some form of prevention from 'external attacks' that may arise as a result of misunderstanding between different parties that have a stake in the business.
One of the most important legal concerns of a business that a sole proprietor should be concerned about is the succession of the enterprise after he has passed on.
It is not uncommon to hear of members of a family fighting over who has the right to take over a business owned by another who has died and who did not leave behind a will.
To avoid such scenarios, make sure that you write a will well in advance in the presence of a lawyer.
The next thing that is important to consider is to get insurance for the enterprise.
One of the reasons you might consider this is because of untold eventualities like disability.
With an insurance policy against such, you will be assured of some income.
Find out the type of insurance policy that best suits your type of business.
Another legal business concern is to have an operations manual that has important contact information, policies, rules and banking access.
This will mean that someone can step in and run things on your behalf in case you have to be away for a reason or another.