You’ve worked hard to make your business as successful as it is. You poured your time and energy into it, not to mention your money. You’re passionate about this company and you want it to succeed.
However, you know that that success could be hampered by a number of legal threats. What are some of these potential issues and what can you do about them?
A dispute with your partner
One of the most common legal threats is when you enter into a dispute with your business partner and the two of you cannot resolve it. In larger companies, things like this often get put to a vote, but two business partners cannot do so. You may feel that your partner is taking action that is detrimental to the company, or they may not allow it to grow in the way that you want it to. In some cases, you have to go to court and get a judge to rule, or do you have to look into ways to dissolve the partnership and go your separate ways.
The loss of intellectual property
Your intellectual property is incredibly important, but it’s also more fragile than you may realize. Everything is stored on computers, and a lot of important data could be stolen. Or, you may have an employee leave your business and take key secrets to the competition. If your business partner does leave, maybe they will decide to start their own company using that intellectual property. No matter how it is lost, you need to know how to protect it and what actions you can take to prevent other people from using what you own.
Similarly, you could face challenges from trademark infringement and things of this nature. In some cases, other companies will create fraudulent products that can harm your brand’s reputation and take your revenue.
A lawsuit from an employee
You could also face lawsuits from third parties or employees at your company. For example, a vendor could sue you and say that you didn’t uphold your side of the contract. Or an employee could sue you after you terminate their position, claiming that it’s a wrongful termination. All of these lawsuits take time to resolve, they impact your reputation with the public, and they can prove very costly.
No matter what legal challenges you are facing, be sure you know what options you have to protect your business.