Running a small business is full of surprises—some good, and some not so good. One of the most important things you can do to protect your business is to ensure you’re legally prepared for whatever comes your way. Based on a recent study and insights into common small business challenges, here are the top five reasons your business needs to be legally ready:
1. Contract and Document Review
As a small business owner, you’re likely dealing with contracts and legal documents regularly. Whether it’s signing a lease, entering into a vendor agreement, or updating employee contracts, having a lawyer review these documents ensures that your interests are protected and you’re not agreeing to unfavorable terms.
2. Debt Collection Assistance
Cash flow is the lifeblood of your business, and chasing down unpaid invoices can be both time-consuming and frustrating. With legal assistance, you can issue collection letters and take the necessary steps to recover payments more efficiently, helping you maintain a healthy cash flow.
3. Legal Advice and Consultation
Unexpected legal questions can arise at any time. Whether it’s a dispute with a supplier, an employment issue, or concerns about compliance with new legislation, having access to legal advice can help you navigate these challenges with confidence and avoid costly mistakes.
4. IRS Audit Services
No one likes the idea of being audited by the IRS, but it’s a reality that many small businesses face. Legal support during an audit can make a significant difference in the outcome, ensuring that your business complies with tax laws and that any disputes are resolved professionally.
5. Protection Against Legal Disputes
Disputes with customers, suppliers, or employees can escalate quickly and become costly. Having a legal plan in place means you’re prepared to address these disputes effectively, protecting your business’s reputation and financial health.
At Business Formation Education, LLC (BFE), we understand the unique needs of small businesses. Our partnership with LegalShield provides you with affordable access to legal services that can help you manage these challenges effectively. Don’t wait until a legal issue disrupts your business—be proactive and get legal ready today.
Contact us to learn more about how our Small Business Legal Plans can protect your business. Let’s ensure your business is prepared for whatever comes your way.