You cannot really avoid business law problems. Thus it is imperative that you are basically knowledgeable of legal provisions and that you hire the service of a good legal counsel.
Let us expound on these two general pieces of advice.
Once you set up your business, make sure that you hire a good legal counsel. For small scale enterprises, you just have to seek their legal opinions so you need not to worry on large fees. You have to look for a lawyer that specializes on business law specifically on deals, employees’ and consumers’ protection. Seek a legal counsel that has a reputation and has been in practice.
After these, all your documentations regarding and concerning your business shall be legalized, notarized and validated. Refrain from spoken contracts; make it a habit to put everything on paper.
Outline your employees’ rulebooks in accordance to the legal provision of business law. This makes your manuals operating under the confines of the law. You can prevent criticisms, allegations and complaints from any employees who might maliciously filed a suit against your business. You can therefore expect effective and efficient implementation of your preferred business procedures and guidelines.
Ignorance of the law excuses no one. This makes you responsible and answerable to your every action, no premise provided. Thus it is primal that you knew at least the basic business law or if you can master it, do so, as it will serve you the most.
Make sure that there are separation between your personal estate and the company’s assets. You can do this by making your business a limited liability company (LLC). As owners, this will be a guarantee that in case of the unexpected, like criminal liability, you can guard your personal estate and you can limit the damage within the bounds of your business.
If you share business with partners, draw a clear line on the sharing of losses and profits. Make the agreement it in black and white document. Determination of the slice of the cake can be based on the amount of capital invested—doing this will prevent future complications that might arise to bigger legal problems.
These are just some of the expounded recommendations that you can keep an eye on so you can avoid litigation and law suits to an extent that might even cause the foreclosure of your business.
Indeed, understanding of the business law and hiring of a good legal counsel is such an advantage for you and to your business.
If you feel that your business may be facing litigation, give us a call to discuss it. we may be able to help you find a way to avoid trial, as it is our last step of resolving a business dispute.