How to Stay on Top of Changing Laws as a Business Owner

As a business owner, staying on top of changing laws can be a challenge. With new regulations and legal issues popping up all the time, it is important to ensure your business is compliant and protected from potential lawsuits, regulatory issues, or other legal problems.

Failure to keep up with changing laws can result in hefty fines, reputational damage, and other serious consequences that can be costly for your business. The good news is that there are steps you can take to help protect your business from these pitfalls.

Keeping Your Company Out of Legal Trouble

Many business owners do not realize how important it is to stay on top of legal requirements and compliance issues until it is too late. Issues like improper licensing, worker misclassification, employee disputes, discrimination accusations, and intellectual property disputes can damage your business substantially. 

Some of the best ways to avoid these types of legal issues are to:

• Obtain adequate liability insurance.
• Separate your personal finances from business finances.
• Ensure computers and electronic files are secure.
• Formalize all business agreements in writing using detailed contracts.
• Keep accurate records of all financial transactions.
• Ensure employees receive proper training and resources.
• Use an employee handbook to ensure that employees are aware of the company’s policies.
• Update employment agreements and contracts as needed.

Outsourced General Counsel for Small and Mid-Sized Businesses

The list above only represents a small fraction of the legal matters business owners must contend with. Small and medium-sized businesses often have an especially difficult time keeping up with legal requirements and legislative changes, as they often lack the resources to keep an in-house lawyer. This is where outsourced general counsel can help. An outsourced general counsel provides legal services for a pre-arranged monthly fee. Outsourcing your legal work to a qualified and experienced law firm can provide your business with comprehensive coverage from any potential legal issues, while also providing you guidance on how to comply with changing laws.

Call Us to Learn About Our Outsourced General Counsel Services

At the Gierach Law Firm, we offer a wide range of outsourced general counsel services designed to protect your business from legal issues and keep you compliant with changing legislation. Instead of waiting until you are facing a legal crisis to reach out for help, take a proactive approach and let us help you implement the safeguards needed to protect your business.

Our outsourced general counsel program, YourOGC, is designed specifically for small to medium-sized businesses, so you can rest assured knowing that your business is in good hands with our experienced and knowledgeable legal team. Call our Naperville business lawyers today at 630-228-9413 to learn more about our services and how we can help you stay on top of changing laws.

Sources:

https://www.gierachlawfirm.com/dont-let-ignorance-of-the-law-get-your-business-into-trouble/

https://www.investopedia.com/small-business/protect-small-business-getting-sued/