Even the best-run companies might face legal issues, even though no one likes to consider being sued. Knowing your amount of risk is the first step in creating a strong offense, which is the best defense.
Every business owner should ask the following five questions:
1. Do I have contracts in writing with partners, clients, and vendors? It might be difficult to enforce your rights and cause misconceptions when agreements are made verbally. You may be exposed if your contracts are not in writing.
2. Is my liability insurance policy current and sufficient for the work I do? If the response is “I’m not sure,” you should check again. Having the correct policy could mean the difference between surviving a lawsuit and going bankrupt.
3. Do I adhere to employment laws? Laws pertaining to wages and hours, anti-discrimination guidelines, and employee classification are frequently areas where small enterprises encounter difficulties.
4. Do I have records of my internal procedures? Having internal documentation might assist safeguard your company in the event that you need to demonstrate how a decision was reached or a task was completed.
5. Do I have a reliable lawyer available at all times? It is a waste of time to wait until you are in a crisis before seeking legal assistance. You have a resource when you need it most if you have a relationship with a business lawyer.
The legal health of your company requires routine examinations, just like your own. Ryu Law Firm assists businesses in identifying weaknesses before they become serious problems. Uncertain of your position? Let’s have a conversation.