Working on your e-commerce idea or already curating a successful project? Then you most likely know that each step towards growth is based on laws. Experts claim – any sort of e-commerce project must be monitored by highly-experienced legal experts. What are the main reasons behind having trustworthy legal partners on your team?
Strategic Tax Planning
When it comes to e-commerce, one of the most prevalent mistakes is ignoring tax planning. Or, in the worst scenario, the tax system in general. Despite the product or service, certain taxes are applied. And to many entrepreneurs’ great surprise, some of those are relevant specifically in the e-commerce field.
Not to mention the global business. There, you must know your country’s legal system and all the related foreign taxation subtleties. Whether it’s custom duty or VAT. Suppose your business or a branch of it is based in Lithuania. In this case, it’s wise to find tax lawyers in Lithuania to help you sort out an efficient taxation plan. Tax lawyer that have a network of foreign tax experts are especially valuable.
While online sales happen in a blink of an eye and usually all at once, it gets pretty hard to follow your responsibilities without an efficient system.
Representation During Tax or Financial Investigations
Creating a system is one thing but justifying it during the formal financial or tax investigation is another world. First, you must know the laws your business is based on. Your responsibilities and rights. Also, understand the investigation process and the answers you are expected to provide.
No surprise, the formalities of Tax Inspectorate or Customs Authorities’ investigations are stressful. And it takes a lot of time to prepare and participate. Still, representing your business yourself is a choice. You can always entrust it to your legal team. Which represents you:
- In all types of financial or tax investigations
- In financial or tax disputes if needed
By the way, looking ahead, it’s wise to opt for professionals who participate in legislation processes. Why is that important? Not only do they know the upcoming changes, but they can also voice your concerns helping to create a more business-oriented environment.
Creating Solid Data Protection System
One more crucial aspect of a successful e-commerce project is a solid data protection system. And that’s not a choice but an unquestionable step. Find legal experts specializing in data protection, and you won’t have to worry about it anymore. From GDPR compliance to audits, e-privacy, and direct marketing – collecting, saving, and sharing the data must be water transparent.
And these are just a few perks of having a full-fledged team working on your successful e-commerce shop. Legal experts can help with any other corporate law-related questions. Whether it’s licensing or dispute resolution.