Running a business, large or small, requires a good degree of business acumen and planning. Business owners regularly review their marketing plans, inventory, and their customers to adjust themselves to an ever-changing market. But how do you avoid legal problems that can plague a business and drain its resources? One easy word; planning.
Too often business owners are lulled into believing that their legal documents, such as contracts, non-competes, and even their lease, are working just fine. The old adage, “if it’s not broke, don’t fix it”, doesn’t apply well to legal documents because only the trained legal mind of a qualified business lawyer truly knows whether the documents are working as they were intended. Thus, scheduling regular reviews of a business’ legal documents with your attorney is a good idea to reduce problems later.
One important legal concept for business owners to discuss with counsel is their liability exposure. …
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