Like everything else, color theory also has certain rules that needs to be known and followed. Knowing then would not only save you a lot of time, it will also help you come with the best color scheme for any logo. There are a lot of time when you will find yourself at your wit's end while selecting a color scheme and this is when these rules will help you come up with the best possible outcome for anything you might be designing.
It is important to keep in mind the psychological impact on human minds that each color makes on people's minds and as such helps lay down the technicalities before you start.
Know about 10 Commandments Of Color Theory