Learning Business Law: How to Keep Your Business from Getting in Legal Trouble

Dixie Somers

September 29, 2014

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Many entrepreneurs have strong business sense, vast creative abilities, or good people skills, however, there are aspects of their business that they aren’t 100% proficient in, or educated about. While many skills like business accounting and supply chain management can be self-taught and business owners can learn as they go, there are other areas of business that can really cost you if you don’t know what you are doing. The legal side of business can rear its ugly head and even shut down your business if you aren’t well educated on business law. While some businesses get involved in shady practices, other businesses can get in trouble due to a lack of understanding of legal procedures for business.

If you are a business owner trying to navigate your way through business law jargon, procedures, and tricky contracts, there are a few resources that will bring you up to speed. Keep reading to learn about a few ways to increase your knowledge about legal business protocols and keep your company from getting in legal trouble.

The Bar Association

The first and probably most well-known source of legal information is the local bar association. Many people don't know that a bar association is more than just an organization that tests lawyers so they can practice law. Many bar associations are professional societies with numerous community outreach initiatives, including education. General small business advice is likely one of their most popular programs, and any small business owner who wants to keep everything above board would do well to seek them out.

NOLO Press

Secondly, there is an independent press called NOLO based in Berkeley, California. They publish the equivalent of "do-it-yourself" legal advice booklets on an extensive variety of topics from estates and wills to copyright and trademark law. Their publications are particularly valuable if you are studying a very specific niche subject in business law. It is likely NOLO has a publication for whatever question you are researching, and many general books on small business law. If you don’t plan to hire a company lawyer until the business takes off, NOLO’s resources will help you with the DIY approach to business law.

Findlaw

Findlaw is a web site which is most famous for its well-organized and easily consulted statute texts ranging from the United States Code to various municipal codes. It also has a section dedicated to advice for small business owners covering subjects from financing to employment law to insurance. While it is not a substitute for detailed references, Findlaw is an excellent place to start.

Your Local Library

You may not believe it, but your local librarian is your friend when it comes to finding information about small business legal matters. Librarians have a superpower that no other person on the planet has: the ability to find you a free book on the exact subject you are researching and put it directly in your hands on a few days’ notice. Even Google can't do that. While there are plenty of online resources and articles, you’ll get the most accurate information from publications because they are more accountable and thoroughly researched.

Law Schools

If you want to be able to handle the legal aspects of your business in the future, you might consider taking courses and truly educate yourself in this area. Granted, while you are trying to run your own business, you don’t have much time for law school. However, by taking a few classes at a time and even taking classes online, you can manage both. This knowledge will be invaluable later down the road when you can draw up contracts, secure trademarks for your company, and avoid any legal issues with customers or clients. No matter how long it takes, even a little extra education on business law will put you ahead of other business owners.

None of these sources are a substitute for a qualified legal professional, but if you are gathering information and considering various options for your business, knowing where to start your journey is the best way to make sure you arrive at your destination. A new businesses have limited resources, so hiring a lawyer to monitor your every business move isn’t always ideal. However, if you proceed in the business world without any knowledge of how business law works, it could end up really costing you in the end. Take advantage of the resources at your fingertips, and avoid any legal pitfalls as you become a more competent and informed business owner. The information for this article was provided by the professionals at Champlain College who offer an online masters law degree for CEOs, contractors, small business owners, and any other interested students.