Owning and operating a small business can feel like one of the greatest accomplishments of your life, but it's essential that you're also prepared to deal with the associated challenges. As a small business owner, you're likely to be faced with legal challenges that you may never have considered, so it's important that you have a strong relationship with your attorney that will allow you to navigate those waters.
Below, you'll find a guide to some questions you should be sure to ask your small business attorney. Having the answers to these questions can help settle any lingering concerns and can guarantee that you have the legal protections in place to move forward with a successful business.
Ask About Intellectual Property
When most people think about security, they think about making sure physical goods aren't taken from them. Intellectual property, however, might be even more valuable than a piece of inventory, and it's important that you take all of the necessary steps to guarantee it remains secure.
Your attorney will be able to go over potential patent liabilities you may be facing and work with you to address those weak spots. He or she will also be able to identify steps you can take in terms of information security in order to guarantee that unwelcome intruders don't get access to your sensitive network systems.
Ask About Tax Liabilities
In order to maximize the growth of your business, it's essential to make sure your cash flow is moving in the right direction. Generally speaking, that should be toward growth and away from regulatory burdens, so it's important to take steps in that direction.
Work with your attorney to discuss your pending tax liabilities and how you can work within the law to minimize their impact. Often times, your lawyer will work in conjunction with your accountant to identify issues in your financial plan that may be able to be addressed by a smart tax strategy.
Ask About Exposure
Ultimately, it's important to make sure your company can't be attacked in the court of law by people who are looking to unduly profit off of your success. This means minimizing your exposure and shielding yourself from many types of claims. Talk to your small business attorney about your exposure and your liabilities in various areas. Identifying those problems can be the first step in addressing them, guaranteeing that your business can grow without impediment or interference from those who wish you harm.Share