9 Must-Ask Legal Questions for your Business before 2024

Disclaimer: This article does not constitute legal advice or form an attorney-client relationship. This article is general in nature and for educational purposes only. If you need legal advice, please seek an attorney.

The other day I made a post about the value of asking questions.

And because this newsletter is intended to give you the legal insight that you don’t get when it comes to business, here are 9 legal questions you should be asking going into a new business year.

Scroll through and take what you need:

1. How many contracts should I have in my business?

The number of contracts you should have are based on the types of business relationships you have (clients, partnerships, team members, etc). I expanded on this in a recent article guiding you through a quick contracts audit for your business. You’re welcome.

2. What is my intellectual property?

Between your program names, frameworks, digital products, offer packages, templates and so much more there is some type of intellectual property (IP) present in your business - at all times. Your IP carry value (whether you've realized what that value is or not) and can be leveraged as assets in your business. So, it does you well to be aware of (1) what they are and (2) how to protect them based on (a) your business and (b) your goals.

We might need a separate article for this one. Let me know in the comments.

3. How do I protect my intellectual property?

Depending on what IP you have, how it’s being used and your business goals, there are multiple methods for protection: trademark registration, copyright registration, confidentiality agreements, disclaimers, non disclosure agreements, licensing agreements and almost every contract you sign. What you need for your particular business requires you to talk your business plans through with an attorney.

4. Is my LLC or business entity up to date?

This is important because it's the “shield” that protects your personal assets from your business assets when entering into contracts and dealing with disputes. Each state’s requirements are different. Some are required to file annual upkeep documents; others are required to pay periodic fees; your city and county might have additional requirements as well; and your state’s tax authority always has something to say. Your state’s website (the business division/department) generally has the information needed for you to ask this question. A good search of their website will reveal FAQs, to-do lists and resources to help you stay compliant.

Need help finding yours? Drop your state in the comments and I'll send you the link where you can get started.

5. Is there any other compliance I need to keep up with?

There could be other things for your business to stay compliant depending on what you do. Do you have coaching or other certifications? Are you a licensed professional that reports to a board and has to maintain certain boundaries? Any continuing education? This varies from business to business.

6. Is there anything in my business worth trademarking?

This question first requires you to know the answers to questions 2 and 3 above. While trademarking is generally suggested for all brand protection pursuits, it makes more sense in some cases than others to secure your trademark. This largely depends on your business goals and how you make use of the trademark.

Need general information on trademark basics or how the trademark process works? Visit the United States Patent and Trademark Office's website to learn more.

7. Based on my client experiences, how can I avoid [things that you didn’t like or didn’t go well]?

Update your contract. Each client experience provides data on what's working and what isn't working. Take some time to reflect on your client interactions this year - think about what you want to avoid, keep doing, improve, remove, fine tune etc. Then look at where you can make those changes in your policies and operations. Because your policies and systems are reflected in your contracts AND your contracts are what clients agree to when working with you, your contracts should reflect these changes so you can avoid the not-so-great things.

8. Is my business website legally compliant?

If you’re running an online business, get this part in order. Business websites aren’t monitored by some internet council BUT noncompliant websites can result in lawsuits. If your business website is the "home" of your business where you advertise, collect information, make any types of sales and otherwise represent your business, you always want to make sure you’re compliant. Not just for protection, but for thorough business practices. These are some of the main things you might need: privacy policy, website terms and conditions, ADA accommodations, disclaimers, cookies notice, shipping and return policies, terms for digital products and downloads, etc.

9. Does my contract make sense to me.

This is an important question because too often do we get into the rhythm of sending and signing contracts - especially because the process can be automated. Whether you had your contract drafted by an attorney or you implemented your own contract based on a template, you always need to understand it. And our businesses change way more often than we update our contracts so it's always good to check: does my contract still make sense? Does it still do what I need? Does it cover my services? Does it protect my IP? Does it protect my IP? Etc. Answer this question by simply reading your own contract. If you have concerns or wouldn't sign it - quell that before you sign any 2024 clients.

This is just a list of 9 questions. It goes without saying that there are likely a ton more you should be asking based on your business, industry, offers, goals, etc.

Now it’s your job to figure that out by asking more questions.

Remember:

Answers = clarity.

clarity = confidence.

confidence = action.

action = growth and progress.

Which one of these questions stood out for you most? Tell me in the comments!

I’m Liku, a CA licensed business attorney and founder of Anasa Law Firm where I work with consultants, coaches and experts to help them establish a solid legal foundation for business with contracts tailored to their needs, trademarks, and IP strategy to create leverage for the longevity of their business.

I’m also the founder of Precedent. Precedent offers Legal Suites with curated, premium contract templates and strategic legal resources for coaches, consultants, speakers, strategists and experts to have their legal affairs in order. Check out our Legal Suites!