Identifying Business Legal Risks
There are risks to operating a business that can’t be foreseen, such as a natural disaster that interrupts a supply chain, or the illness or unexpected death of a key player. Most businesses manage to regroup after such emergencies and get back on track.
Even some legal risks can be unforeseen, but most legal risks can be identified and prevented, or at least minimized with some careful planning. The business attorneys at San Luis Obispo’s Toews Law Group, Inc. help take the guesswork out of the legal risks your business might be facing. The attorneys can help with a wide range of business and corporate law including by:
- Advising on a number of business matters, including regulatory compliance, or provide referrals of those to consult
- Reviewing agreements, contracts, and other important business documents
- Helping make sure your business is adequately insured
- Consulting with your tax accountant
- Helping you determine the best legal structure for your business
The most common business legal risks that can result in fines, court actions, and possible business losses are in the following categories:
- Regulatory compliance: Nearly every business must comply with some kind of government regulation. Licenses, permits, safety regulations, environmental regulations, and building codes are just a few. The best strategy is to be in compliance before a new business opens. But if something has been overlooked, get in compliance as quickly as possible.
- Tax compliance: Failing to file tax returns and pay taxes on time can result in fines and other serious repercussions. Even innocent mistakes can cause serious problems. Tax laws are complex and the appropriate business structure is critical for minimizing tax liability and still being compliant with the law. Toews Law Group, Inc. can help your business set up for the most taxation benefits.
- Employee issues: Making sure that your business has adequate insurance to cover acts of employees that may cause damage to another. Appropriately insuring company vehicles that are driven by employees is one example. The appropriate liability coverage protects you if an employee accidentally injures someone else while on the job.
- Legal structure issues: The type of legal structure you choose is important for taxes, liability, and more. There may also come a time when the business structure needs to change. Whether the business is operating as a sole proprietorship, a partnership or a corporation, it is important to have the right structure and to review the structure periodically.
- Contract issues: Contracts can keep you out of court but an inadequate contract can leave your business at risk of being sued, fined, or losing business.
- Personal injury lawsuits: Accidents happen. The best protection against a personal injury lawsuit is to be sure all necessary precautions have been taken, all regulatory compliances are in order, and your liability insurance provides the right amount of protection.
The old saying, “An ounce of prevention is worth a pound of cure,” is very true when it comes to avoiding legal complications. No one wants to have to pay fines, be sued, receive a compliance threat, or even risk a business shut down.
Toews Law Group, Inc. can help you take the steps to protect your business, choose the insurance that is right for your business and more. Getting the correct answers from a business attorney in San Luis Obispo can have a direct impact on the success and viability of your business. The stream of questions that might challenge you as a business owner can seem endless. However, there is no need to go at it alone.
