Operating a small business can be both exciting and challenging. According to Forbes, there are approximately 61.7 million workers employed by small businesses. This is 46% of the workforce. Not only are there a myriad of financial considerations but there are also legal considerations that you must think about as well. A small business owner needs to be aware of what some of these legal challenges might look like. Here are a few common legal issues you might face as a small business owner.
 

1. Employee Issues

Your workforce is the lifeblood of your company. Since you likely don't have the infrastructure to deal with most types of legal issues, it's important to do what you can to avoid these problems in the first place. Keeping your employees happy and avoiding employee legal issues starts with crafting solid and equitable employment policies. Having your policies documented and accessible to all workers will make it easy to deal with problems when they pop up. If you need help crafting policies that are legal and equitable, you can speak with our business attorneys to help.

2. Intellectual Property Issues

An important part of your business assets could be intellectual property. Creations of the mind that are used in your day-to-day operations, products, or marketing must be carefully protected. In our experience, intellectual property can include patents, trademarks, copyrights, trade secrets, marketing content, and more. If you fail to properly protect this type of property, it could result in loss of value for your company. Business attorneys can help advise you on this important aspect of running a small business.

3. Contract Issues

Throughout running a business, you'll need to create and execute contracts for various things. Contracts are legally binding documents, and if they are not handled carefully, they can cause you a world of trouble. If you don't have a lot of experience drafting contracts, it's good to talk with a business lawyer for help. Seeking out this type of assistance early on can save you time, money, and trouble later.

These are just a few types of legal challenges you might face as a small business owner. You should keep in mind that legal problems are usually not a matter of “if” but a matter of “when” they are going to happen. It's good to have a reliable business attorney on your side for such occasions. If you're comparing business attorneys in your area, please contact Peacock Keller, LLP today.