Small Business Owners Need This Helpful Legal Advice

Small Business Owners Need This Helpful Legal Advice

Small Business Owners Need This Helpful Legal Advice
Posted by Ronald J. Fichera Feb 01, 2022

Legal services for business owners run the gamut, from law firms that handle consumer lawsuits to software that helps with contracts and important documents. When it's time to look for affordable services for your own business, it's essential to think about your company's vulnerabilities, your budget, and your specific business structure, which could determine your liability in certain situations.

Protection can come in many forms, so you'll want to put some thought into both your current needs and the type of legal issues your business could encounter in the future. If you're dealing with a problem at the moment and need to seek counsel, contact the Ronald J. Fichera Law Firm for a free consultation at 1-610-768-9255. To create a plan for your own peace of mind, consider how your business is set up and whether there's room for improvement.

Make sure your business name is unique

Coming up with a unique, catchy name for your business can be time-consuming, but it's so important to make sure the one you like isn't already taken in order to avoid a lawsuit. It can take even longer to do the research required to make sure the name is free, however, so it's a good idea to hire a professional firm that has all the resources and tools needed for the job. The firm can check to see if the name has already been registered with the U.S. Patent and Trademark Office and give you the go-ahead once they ensure it's free, which will, in turn, give you some peace of mind that you won't be blindsided by a lawsuit down the road.

Choose the right business structure

Once you have the right name picked out for your business, it's time to think about choosing the right legal structure. Creating an LLC, sole proprietorship, or corporation will help protect your personal finances in the event of a lawsuit or other legal problem, and they also come with certain tax responsibilities that could be beneficial to you. Do some research to figure out the best structure for your needs, then take the steps required to set one up and protect both your business and your finances. It's also a good idea to keep your business and personal funds apart, so you'll want to set up a business checking account and apply for a business line of credit.

Know your rights

As a business owner, it's crucial to know what your rights are when dealing with a vendor, supplier, or contractor, as well as their rights. Look over contracts carefully and have a lawyer look over them if you're unsure of the verbiage used. When it comes to disputes and other issues, it's important for you to understand your legal options. You might go to small claims court, or if the amount of money is sufficient enough, civil court, which will require a good lawyer to ensure you get what you're entitled to.

Set aside some emergency funds

Even if you take precautions and do everything right, there's always the possibility of a legal problem arising when you least expect it. That's why it's a good idea to set aside some funds to pay for lawyer's fees or the cost of litigation, just in case. Creating a savings account specifically for emergencies will give you peace of mind and will ensure that you're not caught between a rock and a hard place should a legal issue or other dire situations occur.

Making sure you have the best legal help should you ever need it is not only good for your business, it will help you reduce some of the stress that comes with being an entrepreneur. With some careful planning, you can make sure your business is well taken care of both now and in the future.

This article was provided by Chelsea Lamb, a contributing author, and is brought to you by the Ronald J. Fichera Law  Firm, where our mission is to provide trusted, professional legal services and strategic advice to assist our clients in their personal and business matters. Our firm is committed to delivering efficient and cost-effective legal services focusing on communication, responsiveness, and attention to detail. For more information about our services, contact us today!

As a reminder, this Blog Post is for informational purposes only and is not intended as legal or tax advice.

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