- They are operating their business without properly drafted written agreements containing safeguard to maximize their protection in the event of a dispute.
- They remain unaware of the myriad of governmental regulations they are responsible for complying with and the consequences for failure to do so.
- They do not realize that by incorporating their business they eliminate personal liability exposure in the event of a lawsuit and gain tremendous tax advantages.
- They are unaware of the vast number of employment laws they immediately become subject to upon hiring even one part-time employee.
- They have no contractual agreements in force (e.g. mediation and arbitration) to avoid drawn out litigation with its costly attorneys fees and potential for large jury verdicts.
- No provisions are in place to address situations where a partner wants to leave the business or be bought out.
- They may have misclassified workers as independent contractors instead of employees which can result in exorbitant penalties and interest.
- No efforts have been made to prevent the theft or misappropriation of their company’s intellectual property (ideas, trademarks, trade secrets, copyrights, etc.)
- They are unaware of the hidden pitfalls included in their office space leases that could, if they arise, substantially increase their cost or lead them into bankruptcy.
- They lack a costs effective plan to collect their stale accounts receivables causing them to lose their hard-earned money.
Our Firm’s hands on involvement in the business decisions of our clients allows for the early identification and minimization of potential problems. Through implementing our legal and tax strategies, our clients have saved hundreds of thousands of dollars in costly decisions and litigation. Please feel free to contact us at our Orange County Attorneys office to schedule a private meeting.
We hope this information was helpful! If you found this blog helpful, we encourage you to pass this on to friends, family and associates. Thank you!
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