Understanding When You Might Need to Hire a Business Lawyer
Being an entrepreneur is an experience that has its perks and drawbacks. A perk is the satisfaction that you feel when seeing your business grow. But on the other hand, there are many issues with which you will be confronted, such as those that relate to business litigation. Most companies that have been doing business for a substantial period of time have had to deal with one or more of the common problems pertaining to business law, such as fraud. While these issues are considered to be basic, their level of complexity isn't always, as they usually require the hiring of a qualified attorney.
Situations that will lead you to hire a business lawyer
When it comes to business law, there are 4 common issues that might cause you to be involved in a legal action, such as
- Internal business fraud
- Unhappy shareholders
- Customers' complaints
- Information leaks
Internal business fraud usually occurs when one of your workers uses your company's property for personal motives. This can take the form of checks that they have issued on behalf of the company to finance certain operational expenses but that are in fact used for other purposes.
If your company is already listed on the stock exchange, then you probably have a number of shareholders to answer to. If one of such individuals files a claim that you deem to be baseless, they may decide to take a legal action against you. For example, this scenario could result from your decision to skip the distribution of dividends to your company's shareholders for this year, as you have identified a new profitable project to invest in and that will require a lot of capital.
Customers' complains refers to the actions that certain clients will take towards the company to denounce the way you're trying to collect their long overdue balance.
Finally, information leaks result from the spying activities that take place within your company. They involve one or more of your highly ranked employees who have stolen confidential information that they intended to sell to your industry rivals.
This is just a sample of the various issues that relate to business law and that might affect you. Regardless of the type of business litigation issues, you must be legally represented by someone like Franklin & Rapp who has extensive experience, and can use the full extent of the law to ensure that punitive sanctions will be assessed to your wrongdoers.
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