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Businesswoman overviewing and signing legal documents.
Basics of Business 12: Protecting Your Intellectual Property

A Trade Secret is information useful in the industry and kept confidential. Its information imparts value to its holder and provides a competitive edge. Should information constituting a trade secret be leaked, it could have a major negative effect on the business. Information such as customer lists, information received by an employee regarding business opportunities valuable to an employer, and information provided to an employee in confidence in the course and scope of his employment could be identified as confidential.

Even negative information such as failed remedies or manufacture of

Business woman in white blouse shaking hands with young businesswoman.
Basics of Business 9: Insuring Your Business

Before starting your business you should thoroughly investigate business insurance. Often, small businesses ignore the importance and necessity of insurance until they have suffered a major loss. A sound insurance plan protects you and your business by minimizing the risks and reducing the uncertainties of your business.

In selecting an insurance plan, it is important that the business has all the right coverage for its specific needs at the best rates. There are many insurance companies to choose from, each with their own plans and rates. Most of them provide package deals that combine

Two coworkers figuring out a business structure.
Basics of Business 7: Structuring Your Business

The legal structure of your business can take four basic forms: Sole Proprietorship, Partnership ("Limited" or "General"), Corporation (S or C class), and Limited Liability Company (LLC).

Insuring Your Business

Before starting the business you should thoroughly investigate business insurance. Often, small businesses ignore the importance and necessity of insurance until they have suffered a major loss. A sound insurance plan protects you and your business by minimizing the risks and reducing the uncertainties of your business. 

Structuring Your Business

As you determine your business potential you should ask the following questions: Is there a need for your business? Will your business be able to survive the competition? Once you have answered these questions you will be able to check additional sources and develop a marketing plan. There are many legal and tax considerations that will enter into this decision, so make sure you consult your attorney and your accountant. 


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