It’s good to aspire to become an entrepreneur, however, the fact is that entrepreneurship is not as straightforward as some people think. It’s not just about setting your business up, it’s also about making it successful.
At a point in life, every entrepreneur will be in need of legal assistance in their business life. This is because law and order are essential part of every business.
However, do you know when you’ll need legal assistance as an entrepreneur? Do you know when legal professionals will be needed om your business life?
There were around 5.6 million small businesses trading at the beginning of 2018, whilst these entities accounting for a staggering 99.3% of all private sector firms in the UK.
This army of small firms continues to drive economic growth in the UK, whilst they’re expected to become even more important in the wake of Brexit.
However, owning and operating a small business can be financially challenging, whilst firms of this type often struggle to deal with the cost and complexities of litigation should legal issues ever arise.
But when do your need legal assistance as an entrepreneur, and what steps can take to avoid litigation in the first? Let’s take a look:
When do you Need Legal Advice as an Entrepreneur?
One of the main litigation risks for small businesses revolves around professional negligence, which refers to instances where companies are given inadequate or incorrect advice from an expert.
This may be a lawyer or an accountant, but if their advice adversely impacts on your business you may want to pursue a legal claim and the requisite compensation.
In this instance, it makes sense to seek out assistance from a specialist service provider such as Been Let Down. It may seem counter-intuitive to hire another professional having already been let down by one previously. However, this particular legal expert is well-versed in pursuing professional negligence claims.
With this type of help, you can also challenge ineffective advice from insurance brokers, engineers and architects, as you look to protect your interests and the investment made in your venture.
Another prominent issue pertains to claims made by customers, who may have endured a bad experience with your products or been injured in your store or place of business.
Of course, you can protect yourself with public liability insurance in the case of the latter, but you may still require some expert advice when processing claims and safeguarding your interests.
How to Avoid Legal Issues as a Small Business
Of course, the most preferable course of action is to avoid all potential legal issues in the first place, and there are several steps that you can take achieve this objective.
One of the most obvious is to avoid developing informal agreements with partners and contractors, as this creates potential loopholes and misunderstandings and can prevent you from fully comprehending your legal obligations.
Similarly, it’s imperative that you don’t underestimate the value of your intellectual property (IP), with various studies suggesting that more than 80% of a startup’s value can be derived from intangibles of this type.
Your IP can also afford you a competitive edge and enable your firm to be the first to market, so protecting this in a legally binding manner can literally make the difference between success and failure.