Protect a Growing Business with these 6 Smart Legal Strategies

Starting a business is exciting. And watching it grow is even better! But, as your growing business keeps expanding, so do the legal challenges. If you’re not prepared, those challenges can cost you time, money, and maybe even your business. That’s why having an experienced attorney in your corner is a smart move. Here are some of the biggest legal issues growing businesses face—and why you shouldn’t tackle them alone.

Business Contracts

As the business expands, contracts can start to become more complex. Agreements with suppliers, distributors, and strategic partners must clearly define the rights and obligations of all parties. A poorly written agreement could leave you stuck in a bad deal or even facing a lawsuit, so always consult an attorney for guidance.

Business Structure

When the business began, you might have started as a sole proprietorship. But as you grow, that might not be the best fit anymore. Expanding, bringing in investors, or planning for the future may require a shift to an LLC or corporation. Changing the business structure of a growing business can separate your business assets from your personal assets and provide protection from personal liability. Additionally, changing the entity type can help to improve your tax burden or make the business more attractive to investors.

Expanding your Workforce

A growing business typically requires the addition of new employees to handle the increase in responsibilities. However, hiring employees brings a whole new set of legal considerations. You need to comply with federal and state labor laws regarding wages, hours, benefits, anti-discrimination, workplace safety, and more. As your team expands, so does the potential for employment-related disputes. Properly-drafted employee handbooks, clear policies, and consistent practices are essential.

Dispute Resolution

Unfortunately, even with the best planning, disputes can arise. Whether it’s a breach of contract, a customer complaint, or a partnership disagreement, it is essential to have a strategy in place for resolving disputes efficiently and effectively. Litigation can be costly and time-consuming, so it is also a smart strategy to explore alternative dispute resolution methods like mediation or arbitration before heading to court.

Mergers and Acquisitions

Business growth often involves exploring opportunities like mergers, acquisitions, or outside investment. These transactions are complex with specific legal requirements to meet and procedures to follow. Our team can guide you through the process, ensuring that you understand the risks and rewards involved in order to make the best decisions for your company.

Experienced Support for your Growing Business

Perhaps the most important way you can protect your growing business is to work with an experienced attorney who can help protect your interests at every step. It is not easy to expand a business, and it just gets more difficult when legal issues arise. The attorneys at Churchill, Quinn, Hamilton & Van Donselaar, Ltd will help identify possible legal risks, negotiate expanding contracts, ensure compliance with changing laws and regulations, and defend you against legal claims.

Don’t wait until a problem arises to seek legal advice. Working with our team throughout your business growth journey will make the process go more smoothly and will help to avoid potential disputes before they cost you time and money. Contact us at 847-223-1500 to schedule a consultation.