Protect Your Business with 2018’s Top Legal Tips
Nearly 60% of small businesses have experienced significant legal events in the past two years. Small businesses pay an average of $7,600 in legal expenses per year. Preparing for potential legal issues may save you money and help you avoid common challenges. Here are some of our top small business legal tips from 2018. As a LegalShield member you have a dedicated provider law firm ready to assist with your legal matters. If you have any questions, contact your LegalShield provider law firm today.
- Risk management is critical to your success. You cannot remove every risk. Mitigating risk involves finding practical and affordable ways to eliminate as much risk as possible and developing a plan to overcome the risks you cannot eliminate. Your focus should be on the risks that are the greatest threat to your business. Keri Norris, SVP of Legal and Regulatory Affairs and General Counsel for LegalShield, offers 5 Solutions to Common Legal Risks for Small Businesses.
- Start developing your disaster recovery plan. This year saw several major natural disasters from hurricanes to the wildfires. It is vital to develop a plan for your business to recover from both natural and man-made disasters. You should assess the most common threats to your business and plan accordingly. Make sure you review your insurance policies carefully to ensure you have adequate coverage. Learn more about disaster recovery by visiting the Small Business Administration website.
- What you need to know about small claims court. Small claims court may offer the most reliable and efficient means to resolve a collection matter. In order to be successful, you must be well prepared. Read our overview on the steps and requirements for taking a collection matter to small claims court.
- Make sure you are properly classifying workers. Under common law, an independent contractor controls the kind of work they take on and how they complete the work. In this situation, the business hiring them to complete the work would only control the result or product. While you may set deadlines for an independent contractor you may not set specific work hours. Still unsure how to classify a worker? The IRS has a form, which you can complete and submit, allowing them to determine the worker’s status. Form SS-8 can be downloaded here and includes detailed instructions. Before filing the form consult with your LegalShield provider law firm. It may take the IRS six months or more to respond to your request.
- Complete your small business legal checkup. A legal checkup helps you identify potential liabilities. As a LegalShield small business member you have access to attorneys who can help you limit risk and plan for challenges. Carefully review these questions and call your LegalShield provider law firm if you need legal assistance.