legal advice might not be the mostexciting subjectbut it sure is an important one andbecause we know for a lot of you aloxersone of your biggest interestsis achieving your business dreamswhether that’s starting your own companyor working as a freelancerwe’ve decided to look at the mostvaluable pieces of legal advice forpeople starting out in the businessworldkeep these tips in mind from the startand you’ll save yourself headaches andpossibly much worse down the line

so let’s get straight to it and look atour 10 most valuable pieces of advicefor businesssuccess welcome to alex.comthe place where future billionaires cometo get inspiredif you’re not subscribed yet you’remissing outnumber one don’t break the law heyluxers we have the greatest trust andrespect for all of you in the aluxcommunityand we’re confident we don’t have togive you advice like don’t sell drugs ordon’t commit internet fraud because weknow you know better than thatbut we also realize when you’re inbusiness especially when you’re startingoutthere are times you can be tempted tothink you can bend the rules a little orcut a few cornersand just assume you’ll get away with itwell in this case it needs spelling outour firstpiece of advice is do not break the lawbe sure everything you do is by the booktake a lesson from virgin founderrichard bransonwhen he started his record business hewas caught selling records illegally andbreaking tax lawshe didn’t just get away with a fine hespent a night in jail and was bailed outby his familythey even had to re-mortgage their houseto pay his bailof course since then richard branson’scome a long wayhe founded an airline and is now givingspace tourism a lift offin fact in britain he is

so respectedthere he’s called sir richardnowadays he’s more than happy to tellthe story of how he once had a brushwith the lawand always follows it up with some firmadvicedon’t break it number twobefore you do anything else hire alawyerthe reason you want to go into businessis because you want to focus ondelivering what you’re good atyou want to maximize the time you spendon the business side of thingsnot worrying about complex legal issuesbut we’ve got some news for youwhatever your line of business isthere’s going to be legal issues you’llhave to deal withto ensure you don’t have to spend timeon them find a lawyer who willthey’ll have in-depth knowledge of howthe legal system works and how tooperate within itand they’ll understand legalese thatmeansoften confusing legal language you’llfind in contracts and other legaldocumentsand that’s why you’ll want to consult alawyer well before you start a businessyou’ll need to ask them questions likecan i use this amazing name i’ve thoughtup for the company or has someone elsealready taken itwhat kind of company should i registeras an llcan s corporation or some othercomplicated term i don’t fullyunderstandand of course how will taxes work andhow much will i have to paythere’s a load of other questions justlike these we’ll touch on later in thevideoand unless you’re a legal expert it’llbe a minefield figuring out the answersyourselfthat’s why you’ll need a lawyer on yourside alsoremember that different lawyers arespecialized in different business areasfind one that is relevant to you ifyou’re a tech startupfind a lawyer that’s specialized in techstartups if you’ll be doing a lot ofinternational salesfind a lawyer experienced ininternational trade yes you will have topay for their services andyes we know that when you’re startingout you’ve got

so many expenses that youreally don’t think you can handle onemore but the truth ispaying for a good lawyer is an expenseyou can’t afford to skipnumber three protect your intellectualpropertyin the past most of the value ofcompanies was in their tangible assetsthings like real estate and machinerynowadays intangible assets tend to bemore importantthat means things like code andalgorithms logos and brand namesthings we’ve created like text photos oreven musicbe sure to protect these from the start

so nobody can use them without yourpermissionjust like you would protect the title toyour house or other tangible propertyyou ownif you’ve invested in something file apatent for iteven if you’ve designed something thatisn’t strictly an inventionlike an app you should be able to get adesign patent for itlogos and brand names are covered bytrademarks things you’ve created likephotostexts and music all fall under thecategory of copyrightin most countries you don’t have to filefor copyright it applies as soon as youcreate it but there are steps you cantake to prove it’s your creation and notsomebody else’sall of these are covered by ip law orintellectual property lawand of course the rules vary a littlefrom country to country

so put ip up high on your list of thingsto ask your lawyer aboutif you don’t you’ll be letting otherpeople profit from your hard workand damaging your own business in theprocessnumber four make sure your websitecomplies with the lawassuming your business is going to beusing a website and we think that’s afair assumptionmake sure it complies with the lawusually the biggest thing to think aboutis data protection lawyou know when you open a website andyou’re asked for consent for them to usecookiesthat means they’ve thought about dataprotection laws and you need to thinkabout it tooeven if you’re not collectinginformation from the people who use yoursitegoogle probably is and it’s still yourresponsibilityto tell them what information is beingcollected how it’s being collected andwhat you or google is going to do withit if you don’t know how to word thisproperly you’ll need to askyou’ve guessed it your lawyer alsoyou’ll probably need a disclaimerthis means that people can’t take you tocourt when they do something stupid orhave bad luckand try to blame it on you let’s sayyou’ve got a website giving travel tipseven though your travel tips are greatsomebody might go to one of those placesyou’ve mentionedand end up getting robbed the disclaimermakes it clear that if this happensit’s their responsibility not yoursnumber five use contracts whethersomeone’s paying you to do a job forthem or you’re paying someone to do ajob for youcontracts are going to be your bestfriend it seems like a lot of effort ofdrafting and signing thembut if anything goes wrong contracts arethere to prove what you agreed onand if disagreements come up they’llshow who’s in the right and who’s in thewrongif your business provides a similar kindof service to different clientshave a draft contract you can use againand again with each clientperhaps with some modifications here andthere you can find templates on theinternetbut to be really safe have you guessedwhat we’re going to sayyes get your lawyer to draft it for youthat’s because your lawyer knows thespecifics of your business way betterthan whoever wrote that draft contracton the internetthat includes the laws of your countryor state if a contract doesn’t followthe laws where you arethen it isn’t legally binding inlegalese that means it ain’t worth squatnumber six if you’re employing peopleget to grips with employment law

so you don’t need to be a legal hotshotto run a business that’s your lawyer’sjob but if you’re going to employ peopleit’s so well worth getting up to speedwith employment law in your countryat least to a decent level it’s an areaa lot of employers get into trouble withand get sued by employees because theyjust never bothered to read up about itfirst know how the law deals with therights and obligations of employeesand those words rights and obligationsare words that come upover and over again in legalese but arepretty easy to understand that’ssimply because the law is basically allabout people’s rights and obligationsa few important areas are things likehealth and safety measureshiring and firing people laws regardingovertimeand an area of employment law calledvicarious liabilitythat’s the area of law that decides ifyou can be taken to court if an employeegetsinjured while they’re at work even ifyou followed all of the health andsafety procedures and it wasn’t yourfaultmake sure that all the rights andobligations are clearly stated in theemployment contractand yes obviously you’re going to need acontract andyes that’s another job for your lawyernumber seven know what to do if someonesteals your work

so you’ve taken all the steps to protectyour ip what if someone still tries touse it without permissionbe prepared and know what to do from thestart first politely ask them to stopusing itit’s likely they did it in good faiththat’s legalese for not wanting to causeharm or realizing they were doinganything wrongif that fails contact their web hostingservice and file a takedown noticethis tells the provider they’re hostingmaterial that shouldn’t be therehopefully that will work if not take itto the final stagethreaten to sue them also anytime you’reexplaining your business to somebodyelse outside the businessan investor potential client or acontractor protect yourself with anon-disclosure agreementthat’s a legal agreement that they won’tuse your ideas and you can take them tocourt if they donumber eight if you’re going intobusiness with partnersdefine everybody’s duties

so you’ve gotthe right group of people together to gointo business with aspartners and you all get on greattogether what could possibly go wrongwell if you haven’t clearly definedanswers to questions likewhat exactly is everyone’s role andwhat’s expected of themwhat percentage of the company does eachpartner own how does everyone split theprofits and what are everyone’s votingrightsthen the answer is a lot of stuff isalmost certain to go wrongand don’t just talk about it and make afriendly agreement put it down on paperand make it legalpoints like these are covered in adocument called articles ofincorporationthat’s the document that legally makesit a company if you don’t do it properlythere could be all kinds ofdisagreements between partnersthat will be impossible to fixnumber nine keep all of your paperworkin orderwhen you run a business there’s going tobe lots of paperworkpaperwork that tells you how much you’vespent and how much you’ve madewhich you will need for tax purposespaperwork that keeps track of yourassetsincluding the documents related to yourip and the articles of incorporationthat officially makes it a companyand of course contracts with clientssuppliers and anybody elseyou’ll need to file all of those in anorderly way and to know exactly where tofind themif you don’t your best case scenariowill be paying your lawyer or accountantmore for the time they spend sortingthrough themand a worst case scenario getting finedor taken to court at some point down theline number 10be careful about what you say or writein publicespecially if you’re a respected voicein your industrybe responsible about the claims you makeand don’t let it expose yourself topeople suing you because you’ve said

somethingdumb making false claims about people inwriting is calledlibel when it’s spoken it’s calledslander and both of them are types ofdefamationand thanks to facebook and twitter it isnow easier than ever to get into troublewith defamation lawa case in point is one of alux’sfavorite entrepreneurs elon musknow we do believe he’s a visionary and ahugely inspiring business leaderbut he could do himself a favor by beingmore careful about what he tweetsin the last couple of years tweeting gothim into a high profile case of libeland a tweet about tesla’s businessactivities landed him a 20 milliondollar fineuse elon’s business practices asinspirationnot his tweeting habits and with thateluxers out of all the legal issues youhave to worry about when you start outin businesswhich one do you think has the potentialto cause you the biggest headachelet us know in the comments and forsticking with us until the enda bonus of course here it is don’t letthe legal worriesstop you from going into business nobodysaid

that going into businesswas going to be easy if you’re seriousabout what you want to doyou probably know that already and yeslegal issues can be complexand yes they can cause you stress butthey shouldn’t get in the way of all thegreat things you want to achieve inbusinesslearn how to deal with the legal side ofthings find a good lawyerthere is basic legal stuff you shouldknow as an entrepreneuryou can learn along the way and makesure that you dothe rest you can leave it to your lawyerso find a good one from the startdeal with the legal side of thingsresponsibly and cautiouslybut don’t let it get in the way ofachieving your dreamsthank you for spending some time with usaluxersmake sure to like and subscribe so younever miss another videowe also hand-picked these videos whichwe recommend you watch nextyou can talk to us on all social mediasor ask a questionon our website alox.com thank you forbeing an a-lexer andwe’ll see you back tomorrowEnglish (auto-generated)