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Contracts for Entrepreneurs, the minimum we should know

There are several things to care about when starting a business. As an entrepreneur, we might know pretty well how industry product or service works, but there are some other areas such as law, that we might not be proficient.

Contracts about buying or selling real estate or contracts for leasing, might sound confusing, that is why asking for help to a law firm, such as Gestiun, can be a good alternative.

Keep reading to learn more about which type of contracts an entrepreneur can find in his path.

Contracts for Entrepreneurs, the minimum we should know
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Don't get overwhelmed with more information

As entrepreneurs, we might get caught by the illusion of growing up our business that we mainly focus on our product, service and customers.

And that might be the normal entrepreneurial process, focusing and developing the idea, but as times and growth comes, there might be some other issues that might arise.

When it comes to law, there might be aspects that entrepreneurs might totally unaware.

And should entrepreneurs be fully overwhelmed and worry about knowing every single detail of the existing contracts? Well, of course not, but at least an entrepreneur should know that exists contracts that can be used as legal tools to have a more smooth control of different aspects of business.

That is why it is mentioned that an entrepreneur should seek a team that can help him with those aspects that he is totally unaware.

As it is well said, two heads think better than one.

Business lawyer is currently counseling the client's trial at the lawyer office.
selective focus of lawyer pointing with hand at document near bearded businessman in office

Lawyers and Advisors in the Entrepreneurial Ecosystem.

A good entrepreneurial ecosystem englobes different pillars that will conform it, and the availability of lawyers and advisors are one of it.

Rules and laws are established for businesses to set the minimum of how they should run.

Although goodwill and talkes contracts are still being used between businesses, there are risks that are taken by not having a contract. Therefore, it is important for entrepreneurs to know that they can rely on an ecosystem where they can find trustful legal services that can support their operations.

5 Useful Contracts for Entrepreneurs

As mentioned, there might be a time when an entrepreneur should or must use a contract. There are certain operations in business that will require them, and they will be helpful for the entrepreneur to give legal certainity about his or her operations.

Here we describe some type of contracts that can be useful for any entrepreneur.

Individual Working Contract

If the entrepreneur aims to hire a team, then an individual working contract is what he needs when starting the epmloyeer-employee relation.

The content of this contracts helps to set up the time the worker is needed, the position to be filled and the salary.

Having a contract will ensure both parties to know which are their responsabilities, obligations and rights in the relationship.

Confidentiality agreement

There might be the cases that some information in the business operation might be considered delicate and it should not be announced, therefore the confidentiality agreements forces the parties involved to respect the privacy of the project.

Real Estate Purchase Agreement

If the entrepreneur aims to buy a real estate property, then an agreement with the landlord must be taken.

This agreements are needed to pass the rights of the property and give to the buyer total legal certainty of owning the property.

Leasing Agreement

If the entrepreneur instead of buying a property decides to rent it, then a leasing agreement could be done.

In the leasing agreement can be defined the amount in which the property will be rented. 

It can also be defined the amount of time it will be leased and what are the clauses if the agreement wants to be canceled.

Product distribution contract

In some cases some suppliers, or even the entrepreneur will prefer to have a product distribution contract.

This type of contract can set the terms and even territorial boundaries to distribute a product.

More about Business Planning.