Monday, August 13, 2012

Top 10 Reasons Business Owners Must Have A Relationship With An Attorney

The Top 10 Reasons Business Owners Must Have A Relationship With An Attorney

  1. They do not realize that by incorporating their business they eliminate personal liability exposure in the event of a lawsuit and gain tremendous tax advantages.
  2. They are operating their business without properly drafted written agreements containing safeguards to maximize their protection in the event of a disputes.
  3. They remain unaware of the myriad of governmental regulations they are responsible for complying with and the consequences for failure to do so.
  4. They may have misclassified workers as independent contractors instead of employees which can result in exorbitant penalties and interest.
  5. No efforts have been made to prevent the theft or misappropriation of their company’s intellectual property (ideas, trademarks, trade secrets, copyrights, etc.)
  6. They are unaware of the vast number of employment laws they immediately become subject to upon hiring even one part-time employee.
  7. They have no contractual arrangements in force (e.g. mediation and arbitration) to avoid drawn out litigation with its costly attorneys fees and potential for large jury verdicts.
  8. No provisions are in place to address situations where a partner wants to leave the business or be bought out.
  9. They lack a cost effective plan to collect their state accounts receivables causing them to lose their hard-earned money.
  10. They are unaware of the hidden pitfalls included in their office space leases that could, if they arise, substantially increase their costs or lead them into bankruptcy.

The foregoing information is presented by KLEIN LAW CORPORATION as a news reporting service to clients and friends of the firm and is distributed with the understanding that  KLEIN LAW CORPORATION is not rendering legal advice and assumes no liability whatsoever in connection with its use.  If you have questions about the subject matter presented or desire to obtain more information on legal issues related to your business, please contact us at (949) 453-7979 or email us at .