Key Legal Rights Every Business Owner in Ghana Should Know——Every business has rights and duties they may perform. Some duties include the registration of the business and the payment of taxes. There are also various legal rights that protect businesses, their assets, and interests. Knowing these rights helps you navigate agreements, and handle disputes effectively. Here are some legal rights every business owner should be aware of:
1. Choosing a Business Structure
Businesses may select the structure that best satisfies their interests. They may form a sole proprietorship, partnership, or company. The choice of business structure impacts the duties and liabilities of the business.
2. Entering Contracts
Businesses may create legally binding contracts with employees, suppliers, and customers. These contracts state the responsibilities of the parties and the consequences of a breach of those terms.
3. Owning Intellectual Property
Businesses may develop and own intellectual property such as logos and creative works. They have the right to protect their intellectual property by registering Trademarks, Copyrights, and Patents. This prevents others from using intellectual property without permission.
4. Employment
Businesses have the right to employ individuals to contribute to their growth. They may also terminate the employment of workers for fair reasons.
5. Legal Representation
Businesses have the right to legal representation in the event of a dispute. This allows them to defend their interests effectively and have a fair hearing.
6. Ownership of Property
Businesses may own, lease, rent, or sell property. This allows the business to have its own assets.
