If you own a business, you need a lot of professionals to help you along. In some cases, that includes accountants or marketing experts. In other cases, it involves people who understand business process outsourcing. However, almost all business owners need a great business attorney on their side. Just started your business? Interested in growing it and have legal questions? Wondering what a business attorney does? In this blog, I plan to answer all those questions. I hope that you enjoy reading these posts and that they help you. Thank you for reading! My name is Brenda, and I started a small business when I was just 17. Over the years, I have worked with many pros, but my business attorney has helped me the most.
Starting a business where one is the only owner can be a fulfilling achievement. It is possible to get caught up in all matters and forget that even small businesses are required to abide by certain laws. Failure to do so can lead to a host of legal issues that could affect the performance of the business. Even if you are operating with a few employees and resources, it is important to understand legal matters that can arise against your business and measures that you can take to prevent them. Read on for more insight on ways you can prevent business litigation.
Understand the law
Every type of business, regardless of how small, is governed by a particular set of laws. As a small business owner, it is worth researching and understanding the legislation that applies to your business and ensuring that you abide by them. These include laws regarding labor, employment, advertising, intellectual property, and credit. Doing so right from the inception of the business can help prevent legal issues that may arise as the enterprise grows.
As your business grows, you may find yourself entering into partnerships and relationships with other businesses, creditors, and other personalities in the industry. Make sure that every detail concerning relationships is documented in writing. The parties involved should sign the agreement as a sign that they have consented to the issues addressed in the relationship. If any disagreements arise in future, you can always refer to the agreement and take the necessary measures. This will prevent unnecessary lawsuits between you and third parties which could potentially affect your business.
Seek legal advice
Many people only seek legal counsel when things have gone south in business. However, involving a business lawyer in your operations right from the beginning can save you legal headaches. A business lawyer will not only ensure that your business abides by the Australian business laws, but they will also handle and document contractual agreements and offer invaluable legal advice. They will also take all the necessary measures to ensure that your enterprise is protected from litigation.
Maintain proper paperwork
Business involves a lot of paperwork, from accounting documents to legal documents and clients' information. Ensuring that your books remain in order and up-to-date, especially those that pertain to accounting can save your business from a host of legal and tax issues. You can start off with a bookkeeper, and as the enterprise grows, switch to an accountant. Also, consider using accounting software which makes it easy to record and monitor business transactions.
Follow these tips to protect your small enterprise from business litigation. However, if you do find yourself in a legal mess, always consult the services of a business lawyer to make sure that the issue is handled professionally.Share
4 November 2016