Small businesses need legal services to guarantee compliance with relevant rules and regulations and to reduce risk. These legal services, such as those offered to clients by Brown & Charbonneau, LLP, could also help assess contracts, resolve disputes, and handle tax issues.
However, many small business owners need help figuring out where to turn for help when they have a legal issue. New research shows that nearly half of the small firms view lawyers as a last resort and are often reluctant to pay for them.
Contracts
Contracts are crucial for small businesses because they are vital for formalizing relationships and closing transactions. They also help ensure that payments are received on time and for the agreed terms essential to a small business’s survival.
In addition, contracts are designed to protect businesses from financial risk. This is because if a business receives payment on time, it can avoid serious financial problems that may lead to bankruptcy.
Luckily, modern contract management software can help companies set up compliance workflows to keep the company safe from risky practices that could jeopardize the business’s growth. And with a contract management system that captures and preserves metadata, teams can easily access the data they need to make informed decisions on contract terms.
Governments levy taxes to raise funds for expenditures. They may be paid in money or as their labor equivalent and are used to fund various public services, including education systems, pensions for the elderly, transfer payments, subsidies, and public transportation.
Business taxes can vary widely depending on your company’s structure and industry. Understanding the specific rules and exemptions will help you avoid penalties or fines.
In addition to income tax, many small businesses must also pay sales, property, and payroll taxes. It can be difficult to navigate these regulations, so working with an accountant or legal professional who understands the ins and outs of business tax laws is a good idea.
Intellectual Property
Intellectual property is an important part of every business. Whether it is your company’s name, the product or service you provide, or your brand’s logo, intellectual property protects your ideas and creative work from copycats and other competitors.
Small businesses can benefit from protecting their intellectual property, as it helps them to establish a distinct identity and avoid competition. This can be done by registering a trademark or patent or using other strategies to secure your ideas and intellectual property.
Large companies may have internal teams to handle these tasks, but this can be an expensive option for a smaller company. A full-service provider can help a company with the intellectual property process without it becoming overwhelming or adding extra costs.
Defamation
If someone makes a defamatory statement about your business, you may be entitled to compensation. The damages you receive depend on how the defamatory statements have impacted your reputation.
Defamation lawsuits can be difficult to win. To prevail, you must show that the statement was made with malice.
The actual malice requirement can be a challenge to prove. It usually requires the person making the defamatory statement to know of falsity or reckless disregard for the truth.
Typically, you can pursue damages for your loss of income or the economic harm caused by the defamatory statements. In addition, you can recover non-economic damages such as pain and suffering.
Ending a Business
As a small business owner, consider ending your company. Whether you’re retiring or your business has failed, closing your company is a major decision.
The process can be overwhelming, so seeking legal advice is important before you begin. This will help ensure you take the necessary steps to close your business and leave nothing behind.