Whether you’re a long-term business owner or a recent entrepreneur, the risk of being sued is always present. To best protect yourself, consult with your Tampa business lawyer and read-up on our tips on how to avoid getting sued.
1. Choose a good business structure
Speak to your Tampa business lawyer about selecting a business structure that offers the most protection against personal and financial liability risk.
2. Get it in writing
You should have every business transaction written down and reviewed by a trusted Tampa business lawyer. This includes contracts, transactions and online agreements.
3. Keep it simple
Your legal documents need to be written in terms that can be easily understood and read. An agreement or contract that is beyond the reasonable comprehension of the average person may be difficult to uphold in court.
4. Find a good accountant
The last thing you want is to get questioned by authorities about financial mismanagement or to have your accounts frozen. Keep all of your financial records up-to-date and accurate, and hire an auditor every few years or so.
5. Get business liability insurance
It’s always better to be safe than sorry. Find a good policy that will provide you with coverage that offers legal defense if you were to get sued. The longer you stay uninsured, the greater the legal risk.
6. Legalize your business
Consult with a Tampa business lawyer to ensure that you’ve obtained all the right licenses, permits and registrations. They’ll also be able to assist you with updating or renewing various documents.
7. Practice good customer service
Keep your customers and employees happy, and work to ensure that all complaints are resolved in a timely manner.
8. Know the law
Practice common sense and good ethical behavior. Take the time to read up on and learn all about federal and state laws that govern your line of business. Don’t try cutting any legal corners and never assume you can “get away” with breaking the law.