Buying-Existing-Business

13 Tips for Buying an Existing Business

Many people think having their own business would be easier than working 9-5 for someone else, but in fact it is harder because when you own a business the buck stops with you. It is wise to always consult with a lawyer before making a final decision about buying an existing business and to keep that lawyer on so you have quick access to help should any problem crop up.

When you own a business, the responsibility for everything being right rests on your shoulders – and sometimes you have to step into the gap when an employee doesn’t show up at the last minute. If anything goes wrong, you are the one who has to fix it, or at least ensure that it is fixed by someone else who knows what they are doing. While there are many responsibilities, there is also a great deal of satisfaction at meeting the challenge successfully.

Protect-Intangible-Business

How to Protect Intangible Business Assets

If you have recently started up a small business, you most likely consulted commercial lawyers and other professionals to ensure everything was set up legally.  Of course there is a lot of information online these days, but often it is difficult to understand, or you may not be sure if certain legal requirements actually apply to your business.

In all the busyness of getting your business up and running, you may  not have thought about protecting those intangible business assets, even though you’ve taken out insurance to protect the stock and all those other things you need to run the business.

What are the intangible assets?

What To Do When Facing the Threat of Litigation In Business

It doesn’t matter what type of business you have. It may be a SEO Agency or you maybe an electrical contractor, but they are all the same in the sense that no business wants to go through litigation. If you have a small business, the expense and other costs of litigation are like to put you right out of business, or at least take many years to recover from. That is why it’s important to consult with litigation lawyers immediately in order to find a resolution before it is too late.

The reason for the litigation may not even have been the fault of your business, but going through the courts to prove it is not only costly, but time consuming and is still likely to cause a loss of reputation, even if you eventually win the case. The actual details get lost over time and all anyone remembers is the court case, the gossip and the problem that you were accused of. They may not even remember – or believe – that you were innocent.

The Problems In Small Business That are Likely To Result In Litigation

When you own a small business, such as a digital marketing agency the last thing you need is for someone to file a litigation case against you. Litigation lawyers will be needed to help you fight the case, but even the best lawyers sometimes fail to get you off. Much depends on the circumstances of the case and whether or not there is substantial proof against you.

There are many problems that can cause litigation: –

  • Poor standards of safety in the workplace. As we know, poor safety standards cause accidents. If employees are hurt on your premises, they can easily sue you. If a customer trips and falls, they can sue you.
  • Poor working conditions. This is slightly different from poor safety, as it could be something like overcrowding, lack of amenities, poor lighting and so on.