Legally Smart

mark zuckerberg    OK! I definitely know you have mind blowing ideas and those ideas could generate money but i also know that you could loose your money as a result of naivety.
The movie social network which revolves around the litigation surrounding the ownership of the ideas and codes at the onset of Facebook has a lot of salient legal lessons you should know in this time and age where young people like you and me are encouraged to toe the part of entrepreneurship.
Lesson 1- Do not make handshake deals: i don’t know how to stress this put your business dealings in writing ‘Paperize everything’ Don’t naively assume that everything will go according to plan. Always keep written agreements, contract for every business relationship you go into. Protect yourself from loss of time,money and potential lawsuits.
Lesson 2- Do not bring in partners without a detailed Agreement- No matter how much you like and trust your business partner you need a legally binding agreement. It is imperative that you have the hard conversation initially when everybody is still in ‘love’. Paperize everything put the terms and conditions of your partnership in writing.
Conclusively, protect your ideas jealously. Don’t be penny wise and pounds foolish. Consult your lawyer.

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