As you get started with your new business, you may have a certain sense of invincibility. While the stakes are high if you do not make it, while your business is small, you may get the feeling that you are too small to face legal action.
You may not have the deep pockets of a larger organization, but it does not make you immune from a legal threat. Depending on your situation, a legal issue could leave you without a business and threaten your personal assets.
These are some of the most common legal issues you could face as a businesses owner.
Problems with employees
When you started your business, you may have been the only person you needed to worry about for a while. As your company began to grow, you needed the support of dedicated staff to serve your customers.
Employees can be a tremendous asset that can help your company grow, but they can also be a substantial liability. When you bring in new employees, you need to consider potential threats, such as:
- Discrimination claims
- Wage and hour disputes
- Workplace injuries
It is important to review your onboarding process so you can discuss how your employees should handle reporting incidents in the workplace.
Protecting your intellectual property
Some of your most valuable assets are your products and other business practices. It is essential to ensure you have protection for what makes your company valuable, such as:
- Non-disclosures for client lists and procedures
- Trademarks for your logos and branding
- Patents for your products
There may be more threats when your business is smaller since bad actors know you are less likely to have the protection you need.
Many potential problems could pose legal troubles for your company. It is essential to talk to a skilled professional about the risks and remedies for your business.