Joining one of the many online marketplaces can be a great way to promote your home business. While some people may think that they don't need legal protection when selling crafts or other items online, these sales constitute business activities and could get you into legal trouble if you aren't prepared.
Here are three simple ways that partnering with a law firm can be beneficial in helping you establish a successful online business in the future.
1. A law firm can help you establish the right business structure.
If you are planning to sell your homemade products online, then you will need to understand how the revenue from these sales can affect your tax status. Working with a law firm that specializes in business services will allow you to establish a business structure that will reduce your tax burden while offering you maximum protection.
Your lawyer will be able to help you evaluate the benefits of becoming a limited liability corporation, operating as a sole proprietor, or incorporating your business to accommodate for growth.
2. A law firm can help you protect your intellectual property.
In addition to selling handmade goods, you may find that you want to increase your profits by selling patterns or other digital products to the public. These digital products have a low overhead production cost, but they can also be used inappropriately by customers looking to profit from your hard work.
By partnering with a law firm as you start to sell digital products, you can ensure that your intellectual property is protected. Your lawyer will be able to help you trademark your work, and you will be able to pursue legal action against anyone infringing on your rights as you start selling digital products in the future.
3. A law firm can help you avoid financial problems.
Individuals who engage in online sales often overlook the fact that they could incur financial problems if something goes wrong with one of their products.
A law firm will be able to evaluate the potential risks associated with your products, and draft waivers or disclosure agreements that help protect you against financial damages associated with these risks. Your attorney will also be able to help you acquire business insurance products that will protect you against financial problems in the future.
When you are able to recognize the important role a law firm can play in helping you successfully sell your homemade goods online, it's easy to see why you should schedule an appointment with a business attorney before you start selling your products through the Internet. For more information, contact companies like Vandeventer Black LLP.