Small businesses are the backbone of America's economy, but they are also the most susceptible to failure – and not just because they must compete against corporations and large chain stores. The recession hit everyone hard, but small businesses experienced mass closure and bankruptcy. Those that survived had to weather out the recession and hope that people would start spending money again. Now that it is happening, new and old small business owners say they are optimistic about their future, a recent survey said. However, there are still concerns. Learn what they are, how to mitigate them, and what an experienced business law attorney can help.
Small Businesses and the Nuances of Business Law
Laws change all the time – and that includes laws relating to business. Corporations typically have teams of attorneys to inform them of major changes that could impact their company. The same cannot be said for small business owners. Because of this, smaller businesses tend to be more susceptible to things like lawsuits (sometimes from patrons or consumers, but usually from employees), and they may struggle to ensure that they stay in compliance with some of the more complex employment law matters. In some instances, such as those relating to federal or state taxes, can place not just a business at risk, but also its owner.
Preventing and Fighting Against Lawsuits
Since small businesses are inherently more susceptible to lawsuits, it is critical that they take preventative measures whenever possible. Examples of such measures can include:
- Hiring an experienced attorney to ensure that the business's employment handbook clearly and concisely outlines the employer's expectations;
- Ensuring there are clear policies regarding in-office harassment and discrimination;
- Developing a management training program that refreshes all supervisors on applicable harassment and discrimination;
- Maintaining an open-door policy; and
- Handling all reports of harassment and discrimination in a professional and diligent manner.
Sadly, even when taking such measures, small businesses remain at a higher risk of a lawsuit than other businesses. In the event that one is filed against your business, it is crucial that you know where to turn for guidance, assistance, and aggressive representation.
Contact Our DuPage County Business Law Attorneys
At Stock, Carlson, Oldfield & McGrath, LLC, we understand the challenges that small businesses face because we, too, are a small business. Dedicated to ensuring your company thrives, now and for years to come, our DuPage County business law attorneys can help you protect your business from lawsuits through preventative measures. When aggressive representation is needed to fight against a suit, we put our knowledge and skills to work for you. Call 630-225-2500 and schedule a consultation to get started.