A lot of what lawyers do is look for risks in our clients’ businesses and figure out how to minimize them. Aside from forming an entity to separate your personal assets from your business assets, the two best things you can do for your company are to have good form documents and adequate insurance.
Your form documents are your invoices, purchase orders, standard terms and conditions or services contract. A well-drafted form will consider your specific risk factors and protect you by carefully defining the responsibilities of each party, clearly stating the payment terms, clarifying who owns the work product at the end of the contract, determining who pays for shipments that get stolen in transit, or what happens if a product or service isn’t up to snuff.
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