If you are a small business owner, you probably have your hands full just keeping your company going on a day-to-day basis. Chances are that don’t have time to worry about intellectual property law, tax law, employment law or the other legal issues that may affect your company.
However, far too many small business owners hold misconceptions about the law that could get them into trouble.
For example, many business owners shy away from protecting their intellectual property, believing that the process is too complicated or unnecessary. It isn't until a competitor tries to profit off of their hard work that business owners realize the importance protecting their company’s most valuable assets.
Additionally, many small business owners mistakenly believe that their personal assets will always be 100 percent safe after the company incorporates. However, mixing business funds with personal funds makes a business owner vulnerable to investigations by the IRS and creditor lawsuits.
Finally, it is common for business owners to think that they can enter simple contracts without consulting an attorney, but this can also lead to trouble down the road. Working with a lawyer when drafting or entering contracts can make sure the contract is enforceable and help prevent litigation in the future.
Owning a small business is a huge commitment, and small business owners usually have little time to figure out every complicated legal issue that could apply. For that reason, it’s important to work with an experienced business law attorney who can handle any legal issue the business is facing while you focus on your trade.
Source: Huffington Post, “4 Scary Legal Myths for Small Businesses,” Lisa Honey, Oct. 30, 2014