When you are faced with a legal challenge or question, you should consult with a knowledgeable and experienced business lawyer before making any final decisions.
Here’s the thing, businesses are inherently risky. The more successful you become the greater your potential legal and financial risk.
At the end of the day, whether you are an owner, an entrepreneur starting a new business, or are a larger corporation, your business lawyer is there to help reduce the risk of running a company and avoid liability.
Ideally, you should work with a lawyer from the very beginning; before you sell your first widget, before you sign your first service agreement, before money is involved. Hiring a business attorney early in the planning stage will help prevent avoidable legal issues. A business plan is your road map.
Your attorney can review it and point out areas where there are risks; develop strategies to reduce that risk and work around the liabilities, and help you avoid pitfalls that could have serious legal repercussions.
If unaddressed, those legal issues could hamper the growth and even the longevity of your enterprise.
If, for whatever reason, you did not retain a lawyer early on, you should have a lawyer conduct an audit of all your current legal documents; including, incorporation paperwork, commercial leases, sales agreements as-well-as any and all contracts and binding agreements, so they can advise you on your current liabilities and risk exposure.