As a business owner, you don’t need to be an expert in law, but understanding the essential legal terminology can make all the difference when it comes to protecting your interests and avoiding costly mistakes. Whether you’re just starting out or are already running a successful enterprise, knowing these key terms can help ensure that you’re on top of your game and prepared for any legal challenges that may arise. In this post, we’ve compiled a comprehensive list of legal lingo every business owner should know – so let’s dive in!
Business Name
Every business owner should be familiar with the legal lingo used in the industry they operate in. This will help them avoid common legal conflicts and problems, and protect their business interests. Here is a list of the essential legal terms every business owner should know.
Business Name: The name of your business as registered with the state or federal government. This must be included on all official documents, such as contracts and tax filings.
Corporate Name: The legally distinct name under which your company conducts its business activities. This usually differs from your company’s registered name.
Trade Name: The name by which your company is commonly known to the public. This may be different from your corporate name.
Proprietary Rights: Any rights that allow you to exclude others from using or benefiting from a particular invention, discovery, or trademarked word, design, or image. These rights are obtained through exclusive licensing agreements, copyrights, or patents.
Registered Agent: A person who represents your company in dealings with the outside world (usually a lawyer). Your registered agent can help you handle routine paperwork and ensure that all required filings are made on time.
Registered Agent
In order for a business to operate, it needs a registered agent. A registered agent is an individual or company that acts on behalf of the business in all legal matters, including filing paperwork and communicating with authorities.
There are two main types of registered agents: general and limited. A general registered agent is responsible for representing the business in all its dealings with the government, while a limited registered agent represents only certain areas of the business, such as paying taxes or selling products.
Business owners should always select a registered agent that is familiar with their industry and can provide quality service. To find a registered agent that is right for your business, consult with an attorney or search online directories like The National Association of Registered Agents (NARA).
Corporation Name
Every business owner should know the essential legal lingo. This will help you understand the law and protect your business. Here are five key terms to know:
1. Copyright: All original works of authorship, including literary, dramatic, musical and artistic works, are protected by copyright. This means that you own the rights to any copyrighted material that you create, and you can use it without permission from the author or copyright holder.
2. Patents: A patent protects an invention by granting the inventor a limited right to exclude others from making, using, selling or offering for sale their version of that invention. This right lasts for 20 years from the date of filing a patent application.
3. Trade Secrets: Trade secrets are confidential information about a company’s products or services that is not generally known to outsiders and that is necessary for the company to compete in its industry. Protecting trade secrets is important because it allows a company to keep its competitive edge.
4. Contracts: A contract is a legally binding agreement between two or more parties that outlines specific terms and conditions of an exchange or relationship. If either party violates the terms of the contract, they may be liable for damages payable by the other party as a result of that violation.
5. Legal Terms: Some legal terms are used more often than others but all businesses should be familiar with them in order to protect themselves and their property rights. These include assumpsit (an action in which one
Business Purpose
There are a number of terms and legal jargon that business owners should be familiar with in order to operate their businesses legally. This includes terms like contract, tort, trademark, and copyright. This Essential Legal Lingo article provides a brief description of each term and its importance to business owners.
Contract: A contract is an agreement between two or more parties that specifies the terms and conditions of the relationship between the parties. Contracts can range from simple agreements such as buying goods or services to more complex contracts, such as licensing agreements.
Tort: A tort is a wrong done to someone by another person or entity. Torts can include things like negligence, fraud, and abuse of power. Tort law helps protect people from harm caused by other people or organizations.
Trademark: A trademark is an identifier (such as a name, symbol, or design) used to distinguish one product from another. Trademarks can identify products from different companies, regions, or industries. They can also protect the intellectual property (IP) associated with a brand.
Copyright: Copyright refers to the rights granted by law to authors of original works of authorship (including patents and trademarks). Copyright protects original works of authorship including text, images, music, videos, software code and other creative works for a period of 70 years after the author’s death or 80 years after publication if the work was first published in Canada
Conclusion
With the ever-growing complexity of business and the never-ending growth of technology, it is no surprise that legal terminology has exploded in use over the last few years. In this article, we will take a look at some essential legal terms that every business owner should know in order to stay on top of their legal obligations. By being familiar with these terms and how they can impact your business, you can avoid any potential problems down the road. Remember: ignorance is not bliss!
