As a new Pittsburgh area business owner, you may feel excited and ready for the challenges that come with growing and maintaining a successful company. Here at the outset is the ideal time to anticipate potential legal and ethical issues that might arise so you can put plans in place to mitigate them.
Consider the following pointers to enhance business growth and mitigate legal risks.
Get all agreements in writing
You probably have a great relationship with vendors, employees, colleagues and family members who you are doing business with. You may feel that the trust and respect you have with these people is enough to ensure that agreements are solid, and there is no need to put them on paper. However, documentation is extremely important in the business world. If you do not have written contracts, you will have trouble legally enforcing agreements if any of the parties violate them. Make sure your contracts are legally sound and detailed to limit confusion, disputes and breaches.
You must establish business priorities and take measures to ensure each aspect of your operations is organized, such as the following:
- Make sure your business has the right formation and resources
- Create marketing plans
- Budget and allocate funds and resources
- Maintain documentation of all resources and their use
- Manage employees
- Research local and federal regulations, laws and your rights as a business owner
Hire an attorney
As a new business owner, there are many legal issues that can arise where you will benefit from having legal counsel. For example, it is important to choose the correct structure for your company so that, if debt or litigation become a problem sometime in the future, you will not find your personal assets at risk, as well as those of your company. A business law attorney has the experience to navigate your company through any current and future legal problems.