Randall Wood with Ascione and Associates Attorneys at Law, presented the Legal Business Workshop 102 on Protecting Your Business at our Orem Meeting this past week.
He discussed business negligence and pointed out that we have a fiduciary duty to our customers and clients, and to our employees. If there is a breach of that duty that causes an accident resulting in damages or injury to any of the above parties, there is always a chance that the corporate veil (protection for owners and managers) could be pierced if there is gross negligence. It is important to recognize your duty and take every effort to protect your customers, clients and employees.
Randall talked about contracts and our legal responsibilities. It is critical to know what business arrangement and responsibilities you are getting into. A bad contract could kill your business. If the other party has a legal representative in a dispute with you, at the very minimum you should get a legal opinion. However, the wisest course is to get a legal representative, also.
He also discussed Copyright, Trademarks, PPM (to use with investors) and Patents.