Business Law

It is always beneficial to talk about strategies to grow a business or improve profits, but I want to discuss a little bit about business law & troubles. Whether you agree or not, at some point, almost all businesses face legal trouble. It can be anything related to tax issues, customer legal troubles or property troubles. Then there are times when people play dirty games with their business and walk themselves into legal trouble, like Bernard Madoff who recently pleaded guilty to massive fraud. Even though a lot of times the legal trouble is "innocently" ran into or the trouble isn't actually trouble, but issues, it is good to think of those situations ahead of time so you don't rush to find help at the last minute.

Some business owners choose to do their own accounting, but I would never do it. There is just too many things that are involved with business accounting with deductions and taxes that I just leave it up to the accountant and do what I'm good at. A lot of people who do their own accounting for their businesses could miss out on certain issues causing them to face an audit or even leaving them to pay penalties on missed taxes. All the more reasons why I have an accounting firm handle my accounting.

I feel that it is also a good decision to have a strong and knowledgeable attorneys on hand. You don't have to keep them on your payroll, but seeking them out beforehand can help you a lot when you actually need to use them. I use my attorneys advice frequently so I have them on payroll, but for many small business owners, you might not have to. Also another good thing with having a knowledgeable attorney working for you is the ability to use them as a resource to find other good attorneys if need be. Obviously a corporate attorney won't handle personal issues, but they might be able to refer you to the best divorce attorney, for example. Another thought to keep in mind is if you are employing an attorney through your company, they might not be able to help when there is a battle between you and your partner, so it is good to know a separate attorney for your personal use.

It is an obvious thought, but you should always try to stay away from anything you think might seem like "funny business" because chances are it will catch up to you in the long run. There is no reason to make money the wrong way because you can probably make more money doing it the right way for a longer time and enjoying it in the latter part of your life, instead of sitting in a jail cell like Bernard Madoff. In the end, it is your decision how to address your needs for an attorney or legal issues.


Remember, I am not an attorney. I've just stated what I do and how I perceive the legal aspect of doing business. It is your decision and will to seek an attorney/accountant or any other type of advisor for your business. See disclaimer here