Make your New Year Resolution to create a legal protection plan for your business. What is a legal protection plan and why should I have one?
Glad you asked.
First, to answer why, consider this: one out of four small businesses have been sued or threatened with a lawsuit
in the last 5 years. My former employer, a small business, was sued three times in six months.
You are almost three times more likely to end up in court than in the hospital, according to figures from the National Center for State Courts and the American Hospital Association.
You need a legal protection plan to protect your business from the people circling over your neighborhood like
buzzards over a dying man. They're looking for someone to sue.
Want proof? A new civil lawsuit is filed every two seconds, according to the National Center for State Courts.
A legal protection plan is a way to reduce the likelihood of your business being sued, or if sued, to reduce the damage to your business.
Part of a legal protection plan is periodically checking to make sure you are not breaking the law in your dealings with employees, suppliers and customers.
Does your business form protect you or expose you? Consider the form of business ownership you used when setting up your business. That is also part of a legal protection plan.
For example, did you know, if your business is a sole proprietorship, everything you own, even your personal
property, is 'up for grabs' if your business is sued?
Rely upon your attorney to help you develop your legal protection plan.
Another part of creating your plan should be to isolate your business assets from your personal assets. However, be careful whose advice you take in asset protection plans, especially if those giving advice stand to gain financially from you.
Having a legal protection plan is not mentioned often in 'how to start a business' books, but given the extent of lawsuit abuse in America today, it should be an essential part of every business.
Go ahead, start today.
Ken Sink is the author of the FREE eCourse: “How to Protect Your Business from Plundering Attorneys and Devastating Lawsuits.” Sign up at http://www.howtoprotectyourbusiness.com.
See how to save 25 percent or more on all your attorney fees. Know how to protect yourself when it's your word against theirs. Learn how to legally hide your assets. Find out how
to make your business an 'unfavorable' target for attorneys and their clients. See for yourself how frivolous lawsuits are rampant in our society. Avoid the legal mistakes
business owners make when starting a new business. Discover quick and easy steps to bring your business's policies and procedures into compliance and reduce your risk at the
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