Recognizing the Growing Importance of Business Law
Square One teamed up with the Corporate Law Club (University of Saskatchewan) and Futurpreneur to host a free law seminar on March 26th to discuss legal topics that every entrepreneur and small business owner should be aware of.
Robertson Stromberg and WMCZ Lawyers presented on contract law, employment law and the advantages and disadvantages of the different forms of business organizations. “Shortcuts taken in the legal field have a nasty habit of coming back and causing people far greater problems, that take more energy and more money to remedy, then doing it properly at the outset. When setting up a business, hiring your first employees or drafting your first contracts poor legal habits may lead to poor results.” says Karl Martens, Lawyer from Robertson Stromberg.
A large majority of questions that small business owners and entrepreneurs ask themselves during business set-up involve how to conduct business in a legal fashion. The answers to these questions can be complex and intimidating, as well as easy to ignore. In the mind of a budding entrepreneur tasks like product development and consumer relations are way more important (and fun!). Nonetheless, legality is probably the single most significant aspect when setting up a new business. The last situation you want to be in is owning a unique and competitive business, but ignoring or not understanding the legality of your actions and protecting your assets.
“Understanding the importance of law in your business is crucial to minimizing risks and creating opportunities in moving your business forward.” says Roger Grona, President of Firebird Business Consulting. By setting up your business properly, understanding contracts, and meeting your obligations as an owner, you can mitigate legal risk, which mean spending more time on growing your business.