One of the priorities that you may have overlooked as a small business owner is the fact that you may have some legal battles to face at some point. Legal headaches are not to be overlooked, though, because not only do they cause you stress as a business owner, they can seriously damage your business’ reputation and how well you do in the future.
No one wants to hear about a business local to them getting into hot water with the law, but as a business owner, you’re going to be the last person who wants to be put into that position. It’s important, therefore, that you have your ducks in a row. You need to have back up plans for back up plans in case of litigation, so that you can avoid a huge hit to your bottom line. With that in mind, you need to think about which legal battles you could face at some point and how you would handle those if you did come across them. Below, you’ll find four of the most common legal battles that your small business could face someday and what to do.
Upset Employees. There are a lot of laws surrounding what you can and cannot do when it comes to the treatment of your employees, and one of those things surrounds wrongful termination. A contract should always be laid out crystal clear before you bring someone on board to your business, because the last thing that you need landing on your desk is a request from a workman’s comp attorney landing on your desk. Ensuring that all legal obligations from your side are listed clearly can help you to stay in control in a crisis.
Intellectual Property. Most businesses don’t worry about intellectual data being an issue, but it’s something that should be on your radar – it’s not just the big businesses that have issues with intellectual property rights. You should ensure that your property is not going to be copied and ripped off by making certain that trademarks and copyrights and patents are sorted on time.
Unhappy Customers. You don’t want unhappy staff pulling lawsuits, but even worse – unhappy customers. If a customer is unhappy enough, you could find yourself in legal hot water. Always try to diffuse customer disputes before they become a legal issue, and make sure that you are paid up with insurance for your business premises, just in case.
Mishandled Taxes. It’s so important for you to have the right information for your tax returns and while your accountant will do this for you, it’s worth educating yourself on your own money. Financial issues can see you in deep water with the IRS, and there’s no need to put yourself in that position at all if you’re smart about your paperwork. Be meticulous and avoid the legal fallout.
All businesses come up against something at some point – it’s just a matter of ensuring it’s handled as swiftly as possible.