The ability to own a business and become profitable is part of the American dream. Yet, for some business owners, the legal issues surrounding business transactions and agreements can quickly become a nightmare. The good news is that there are ways to prevent and manage the common legal issues that business have, through smart legal guidance. In order to thrive in business, you need access to expert business legal counsel and support. Here are some of the legal issues you will want to be on the lookout for in your business.
Financial and collection issues
No business owner ever anticipates that a customer will neglect to pay their invoices, but it happens more often than not. When you’ve exhausted all possible resources to collect on delinquent accounts, including the use of a third-party collection agency, your next step is to seek compensation in small claims court. However, you will want to have the support of a business attorney to help you navigate this process. Going it alone often results in very little recourse for you and can produce a negative reputation in the industry if used too often.
Employment law issues
If you are using contractors or employees to help build your business dream, then you may already be aware that there are a number of employee laws that can hurt your business. Everything from hiring discrimination and workers’ compensation claims can quickly reduce your human resources to rubble. To help protect your business, you’ll want to work with a legal firm that has experience in the small business employment sector. This will give you access to updates and you can get your employment related questions answered before you unwittingly violate an employment law.
Sometimes, for any number of reasons, a client may decide to dispute a contractual agreement you have with them. Or you may have a contract you need to get out of for business purposes. In any case, contracts can pose a tough issue as they are legal documents and agreements that sometimes do not make the best of sense. Having a business legal team behind you means you can have all contracts reviewed in advance, and support when you need to negotiate an agreement with a client.
Property damage or theft
It’s one thing to have insurance to protect your business against damage and theft, but it’s another to have legal representation to make sure your assets and rights are adequately protected. In the event your facility or equipment was seriously damaged, a criminal theft occurred, someone was injured or killed by one of your products, or your business damaged the assets of another party, how would you be able to ensure your business can stay afloat? A business attorney can help to make sure you have the law on your side in the case of property damage, injury or theft.
Processing and dealing with taxes are an area that small business owners think their accountant can take care of. However, if you get a letter from the Internal Revenue Service, your accountant can do little to protect your business financials. Having a qualified business lawyer on call to help you with tax issues and disputes can save you a lot of headaches and help you sleep at night.
As a business owner, you owe it to yourself to get the support and guidance of a business attorney who can help you protect your business for the long term.
Image License: All rights reserved by MiraCosta Community College