How much do you really know about the day to day doings of your business? As the owner, you may well think that you have a handle on all of it. But you may well be surprised to learn just how much you really don’t know. Here are 5 things a lawyer can and will tell you about your business.
1. Are You Complying with State and Federal Laws?
It’s never a good idea to run afoul of state and federal regulations. Even the slightest deviation from local and national regulations could land you in serious hot water. Having a lawyer around is a good way to make sure that you remain in full compliance with all of the existing laws.
2. What Is Your Partners’ Role?
Can you be sure that all of the partners and employees that you deal with on a day to day business are completely above board in their dealings with you? This is the kind of worry that all too many business owners suffer from and for good reason. A lawyer that you trust can keep an objective track of their dealings on your behalf.
If your lawyer suspects that something is fishy, it is naturally in their best interest to inform you immediately. This will ultimately save you a great deal of time, money, and potential legal embarrassment. Having a good idea of how your partners operate is essential for resilient business and good working relationships.
3. How Much of a Share Should You Really Be Making?
As the part-owner of a business, are you aware of just how large your share should be? It’s time to get written in stone what your personal percentage of the profits will amount to.
This is a negotiation that a qualified lawyer will be able to conduct on your behalf. Knowing how much your share should be and getting it in writing will help you avoid legal issues later on.
Having a solid handle on how much you can expect to be making will give you the freedom to plan more effectively and realistically for future endeavors. The key to gaining this security is having a lawyer who will help you negotiate for a larger share of the profits.
4. What are your Legal Liabilities?
Are you aware of any impending legal issues? Regardless of the cause of a possible suit, it’s certainly good to be aware of the possibility beforehand. According to Oak Law Firm, a group of San Bernardino attorneys, businesses are at risk of suffering substantial legal and financial consequences due to compliance and injury issues.
Being forewarned with the knowledge that someone may be contemplating legal action against you or your business gives you the ability to plan your defense. It gives you the ability to marshal all of the evidence you will need to meet and counter this claim. A lawyer can give you this valuable warning so that you can defeat it.
5. Will You Need to File a Claim Against Anyone?
Another important consideration to keep in mind at all times is whether or not you need to take legal action against someone. This is the kind of decision that needs to be very carefully weighed before you can come to your ultimate decision. A qualified legal attorney can help you make the choice that is right for your needs.
It may be possible to avoid having to go to the extreme of filing a suit in court. For example, your attorney may be able to conduct arbitration hearings on your behalf. This is a step that could lead to an agreement that is suitable for all parties. In the end, if all measures fail, it’s good to have a lawyer to help you win your suit.
The Time to Get Better Educated in Business is Now
If you have been looking for a way to get better educated in the legalities of the business world, now is the right time to talk to a lawyer. There may be many ways in which your business is falling short of the mark. Getting all of these loose ends tied up will be the best way to guarantee your long term success.
