2 Ways To Avoid Big Legal Problems In Your Small Business

If you are a small business owner, you have a lot of things to think about on a day to day basis as you run your business. However, you should always keep in mind the possibility that you may run into legal problems as a result of your products or services, or as a result of interactions with your employees or other businesses. That’s why it’s important to use the following two tips; that way, you may be able to avoid legal problems in your business.

Put Everything in Writing

It is important that any agreements you have are written down and signed by both parties. This single act can help you avoid a number of legal problems, because no one can claim that you said or promised anything other than what you both agreed to on paper.

If family or friends contribute to your business financially, sign agreements about how much money they are giving, how much control you give them in your business (if any) and what the terms of repayment are. That way, there is no disagreement later.

You should also be keeping track of everything that is said during staff meetings and phone calls. Have someone record and transcribe meetings if possible, and take a minute to jot a few notes after talking to anyone on the phone. Should there be a legal problem later, you will have your notes to back you up.

Seek a Lawyer

A small business lawyer can be a great deal of help to you in a number of ways. A lawyer, from a firm like Mackay & Company, can help you set up the proper structure for your business, so that your taxes are handled properly.  A lawyer can also offer an experienced eye when you need to draft contracts and agreements, so that you can avoid costly disputes with employees, investors, partners and others. 

Some small businesses don’t want to use a lawyer, because they think that lawyers’ fees are higher than they want to spend. However, operating without professional help and protection can cost your business much more than any fees you pay to an attorney. You might even end up losing your business because you did not have a lawyer to help you successfully resolve a business issue.

Using the tips in this article will help you and your small business to stay away from legal problems. Consult a few small business lawyers in the area, and find out more ways to protect you and your company.

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