Are you just getting started in the business world? Are you looking for legal advice? Do you want to know how you can avoid legal issues in the future? Small business owners in the Kansas City area want to know how to minimize legal risk as a small business. We can help answer your legal questions here at Saxton Law Firm in Kansas City, MO.
Top 5 Ways To Reduce and Minimize Risk for Your Business
No matter what type of business you choose to open in the Kansas City area – there will always be risk. You may not be able to avoid risk, but you may be able to reduce and minimize legal risk to your business. Here are a few ways that you may be able to reduce the legal risk to your business.
1. Write and Understand Contracts
Breach of contract disputes are a common risk for small businesses and small business owners in the Kansas City area. When you write contracts for your business, it is important that the contracts are very clear and protect you in the legal sense. When you sign a contract, it is important to understand legal repercussions for a breach of contract. Saxton Law Firm can help you write and understand contracts that protect you and your business.
2. Understand Laws and Regulations
Laws, regulations and legislation are always changing and it is important to understand those changes and how they apply to your business. When you know and understand the laws – and any upcoming changes – you can plan for that change and update your business model to remain compliant with any changes to the law.
3. Have a Code of Conduct and Enforce It
Harassment, discrimination and more are all too common in business and a great way to protect yourself and your business from risk of potential lawsuits is to have a clear code of conduct and ethics for employees and partners. That is only part of the equation. When you have a code of conduct for employees, you need to enforce it to protect your business from risk of a lawsuit.
4. Comply with Relevant Tax Laws
Tax law can be complicated and any violation of state or federal tax law can have a negative impact on your business. Keep close track of your finances and ensure that you remain compliant with tax law and file tax returns on time. This will reduce the risk of any potential fines or penalties in the future.
5. Hire a Small Business Attorney
You may ask – do I need a small business attorney? A small business attorney may not be necessary at all times, but having a small business attorney on standby can help you reduce risk to your business. Take a closer look at how a small business attorney can help you and your business avoid risk.
- Help form and dissolve a business and remain compliant with appropriate laws.
- Help draft, review and understand business contracts.
- Help with business transactions – purchases, mergers, acquisitions and more.
- Help protect your intellectual property as a business – blueprints, logos, brand names and assets.
- Help protect your business in employment and client agreements.
- Help collect past due fees from suppliers, clients and customers.
- Help represent your company when faced with lawsuits.
READ MORE: What Should I Do If My Business is Sued in Kansas City MO?
Learn how to minimize legal risk as a small business with this quick list created by Saxton Law Firm in Kansas City, MO. Contact Saxton Law Firm today for a FREE case review and get the help you and your company need!