Business And Law: What You Need To Know To Avoid Costly Mistakes

Business And Law: What You Need To Know To Avoid Costly Mistakes

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Business has never been more complex than it is today. With the costs of legal advice, regulatory concerns and the many ways a business can find itself involved in a potentially time consuming dispute, management needs guidance on how to avoid mistakes.

Trusted Legal Representation

Every business, no matter how modest, must have competent legal representation, and must plan for the contingency of legal representation everywhere it does business, including other states. This is not optional. Many attorneys struggle to understand the myriad ways laws interact. Business managers simply don’t have the time.

Legal Support Services

In any dispute, legal services and logistics will be crucial to keeping costs minimal and avoiding obvious pitfalls. Companies like NAEGELI Deposition and Trial offer their clients deposition services so testimony can be gathered in a comfortable, efficient setting.

Private Investigator

If footwork needs to be done in preparation for a legal dispute, or if your business is attempting to avoid a legal dispute, a private investigator is a professional you should hire on your own. Aside from the convenience, having a second professional who works for you instead of your lawyer is very often an excellent check and balance against overreach or possible misconduct.

Forensic Accounting

Your opponent’s money will always be an issue in any legal dispute, and your opponent may not be forthcoming about their finances. Since your attorney included an audit clause in your contract, you’ll need someone who knows how to exercise that right. A forensic accountant is trained to recognize the kind of shenanigans parties to a dispute engage in to avoid paying their fair share. Like the PI, it’s good to have this person on your payroll.

Back to the Law Office

Once you have pulled together your crack legal team, be sure your attorney drafts the necessary paperwork to ensure whatever can be covered by attorney-client privilege is. This is absolutely crucial, especially in any dispute where your opponent is likely to go on the offensive. Privilege is the means by which many a case is won, as it gives you a sanctuary where you can plot strategy without the ever-present likelihood of disclosure to your opponents, current, former or future. Do not miss this step.

Business Entities

This is a consistently misunderstood area of business, but it needs to be repeated as often as possible. Everything you do in business should be under the protective cover of a corporation, LLC, liability-proof partnership or other such entity. This should be the first thing on the agenda the very minute you retain legal representation. Your new business entity has the legal authority to conduct business on its own and can accept and manage the liability for that business. Use this early and often. It protects you personally.

Legal complexities can sink a business long before it ever gets close to making a profit. Be sure you are one of those future successes that recognizes and manages legal risk properly.

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