Risks You Should Probably Avoid for Your Business

ceo speaking to his employees

Establishing a business is filled with challenges. You may have the knowledge, talent, and energy to make your company a success, but you must pay close attention to the risks involved. It is especially important to understand the legal risks associated with the type of company you want to run and the products and services you want to offer. Knowing the pitfalls in time to avoid them is key. If you are already at the head of a thriving company and you are thinking about selling or merging with another company, it is important to get the legal insight and guidance you need to avoid conflicts, contract issues and other litigation. 

Seattle business litigation attorneys have the expertise and experience to assist with your risk management needs, and to protect your interests if litigation does occur. When facing the unknown, you need a Seattle commercial litigation attorney by your side. 

Sizing Up Your Legal Exposure 

Doing business of any kind requires a certain amount of risk. Indeed, nearly every move you make can expose you to legal risk. It is imperative to be aware of the nature, extent, and severity of these risks so you can weigh them in assessing new profit centers or increased market share. Commercial litigation attorneys can provide insight that will help you make the right decision. 

Here are some of the key areas to consider: 

  1. Contracts 

The financial loss that can result from the violation of a contract or your company’s inability to properly manage the benefits of a contract can be substantial. Any significant contract should be reviewed by your Seattle business attorneys. You must be cautious, however even with mundane contracts, such as those with supply, cleaning, and maintenance vendors; they to  can be filled with traps that can increase the risk to your company of a financial loss. Contracts should be put thoroughly examined before they are signed. You will need a lawyer to make sure the terms are fair, correct mistakes and provide you the options your changing business may require over time. These are not things you should try to do on your own. 

  1. Litigation 

The moment your company begins operation it will become a target. You will be constantly at risk of lawsuits from individuals, governments, and other companies. The main aim of Seattle business lawyers is to minimize the damage that can be done by such lawsuits. You want to keep litigation to a minimum by having meritless lawsuits dismissed, and thorough evaluation of more significant claims to assure you proceed on a path to allow the best possible outcome. Should you settle and limit the exposure? Should you fight it to a verdict?  Every case is different, and your business litigation attorney can help you track the right course. 

Your attorney can also help you assure your company’s reputation and business relationships are not unnecessarily harmed in the process. 

  1. Regulation 

It is important to keep on the right side of the law. Failure to comply with local, state, and federal regulations can lead to the withdrawal of your license or the suspension of your operations. This in turn can lead to loss revenue, loss of clients, and severe damage to your company’s reputation. Laws and regulations are ever in flux and it is the job of your lawyer to keep your practices and processes updated so that you are continuously in compliance. At the same time, you do not want to over-regulate yourself, as this could put you at a competitive disadvantage. A business lawyer will ensure that you understand the specific regulations that apply to your company’s activities, and that all of your people are following the policies and standards that are dictated by the law. A lawyer can help you be proactive rather than reactive in the regulatory environment. 

You should speak with business lawyers at Frey Buck in Seattle if you are currently without counsel.

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