Vital Step 4 to Protect Your Business in Uncertain Times
This is a stressful, scary time for everyone, and particularly business owners. Now is the perfect time to secure your business assets, protect both business and personal assets, and prepare your business for the future, whatever that might hold!
Four steps are vital to obtaining this level of security. In previous emails, I explained Step 1: Form an Entity, Step 2: Execute an Operating Agreement, and Step 3: Secure Your Brands. The final step is explained below.
Step 4: Be Sure Your Own What You Think You Own
Your company relies on the products you’ve designed and the documents and materials you use every day. The employee work product, the company website, and even photos and videos that your employees post on company social media — are all necessary parts of your business. But does the company really own them?
To own and protect what you think you own:
- Obtain written assignments from all independent contractors
- Clearly define company ownership of employee works
- Ensure all contracts adequately address intellectual property rights
- Implement policies on employee use of company content
- Register copyrights in particularly valuable company assets (such as software and creative content)
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