How Business Owners Can Protect Themselves if Their Business Fails

Published on: 24 September 2022 Last Updated on: 11 October 2022
Business Fails

15% of startups fail in the first year and only 50% succeed in the fifth year. Therefore, failure to take steps to protect yourself if your business goes bankrupt can have serious consequences. 

These assets can be lost very quickly if you do not protect your hard-earned personal assets. Certain registry laws with simple steps can ensure you greater protection in the event of a claim or lawsuit. 

If you have the right legal tools like a Business Attorney Atlanta GA in place before litigation begins, you will be in a much stronger position to weather the storm.

This article will help you understand some important steps that you must take to protect yourself in case your business fails. 

Protect Yourself When Business Fails

Given below are some of the major steps that you must follow to protect yours;f when your business fails:

 Business Failing

1. Speak And Act Mindfully

The way a firm is seen is crucial. This is one of the reasons why business owners and their staff shouldn’t make controversial claims or engage in dubious activities. 

This involves making derogatory or disparaging statements, as well as avoiding doing business with dishonest individuals. Additionally, in critical situations, avoid speaking in the absence of a Business Attorney in Atlanta GA. 

However, if they are discovered, the company’s name could be linked to them. Therefore, you and your staff must work to reduce conflicts of interest and avert potential problems. In addition, such events may compromise your credibility as a businessperson and result in legal issues

Even if you don’t make choices that benefit your business, having a conflict of interest would still exist if you were a city council member and contributed to the passage of ordinances that benefited your company.

2. Hire A Business Attorney

Consult a lawyer before beginning a business to get legal counsel. Before you do anything, you might require legal representation. 

It is ideal to employ experienced business attorneys knowledgeable about the regional laws and customs of the area where the firm works and who, if required, has experience in a certain field. 

Engaging a tax attorney if your company is dealing with legal issues with the Internal Revenue Service (IRS) or tax authorities could be prudent.

You may discover an excellent attorney through a variety of sites. In addition, getting suggestions for experts from other business owners might be useful. 

Alternatively, you might get in touch with the professional association your company belongs to, including your neighborhood chamber of commerce or sector association. Then, naturally, you may try making spam calls (and interviews) using the information in your phone directory.

3. Go For Insurance

All businesses must have civil liability insurance, covering things like changing jobs and consumer collapse. 

The purchase of errors and omissions insurance for allegations or contracts or contractual errors from customers or consumers must be considered. Again, you can consult professionals for advice on this matter. 

You can also add liability protection to your contract in addition to purchasing insurance. However, this agreement shall not be accountable for unfinished work. 

A Business Attorney in Atlanta GA may not be necessary early on in your business if you speak with one now about the clauses and legal terminology that should go into your employment contract.

How To Hire A Business Attorney To Protect Yourself?

Business Attorney

Hiring a good lawyer is essential to a successful business. A good corporate lawyer can provide critical support in almost every aspect of your business. 

In most small companies, the sheriff sends a lawyer in front of the door. This was very late after receiving maintenance and complaints. The larger the law firm, the higher the overhead costs and the higher the hourly rate. 

Larger firms have more influence in the local, regional, and (perhaps) national legal community. Partnering with a large and reputable law firm can have intangible benefits. They will gladly refer you to a funding source or use your name as a reference. 

You need a lawyer to help you decide if a limited liability company is the best way to organize your business. In addition, your attorney needs to know how to register your business for federal and state tax identification numbers. 

Note: Don’t be afraid to ask direct questions about your lawyer’s experience. Your corporate lawyer should be like a “doctor”. Beware of lawyers representing multiple competitors.


Sumona is a persona, having a colossal interest in writing blogs and other jones of calligraphies. In terms of her professional commitments, she carries out sharing sentient blogs by maintaining top-to-toe SEO aspects. Follow more of her contributions in SmartBusinessDaily

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Tips To Help You Overcome the Pains Caused By Divorce

You may be married for a long, but it does not guarantee that it's going to be smooth sailing the whole way. When you have mutual feelings for each other, everything will work out just fine, and love always stays afloat. However, the moment love starts to fade, you begin reading from a different script, and this is the beginning of troubles. If both of you decides not to give the marriage a second chance, a divorce may be the only solution. However, if the decision comes from one party, the other partner has to be prepared to go through tough moments. Divorce comes with many disadvantages more than benefits, and many people find it very painful and hard to cope with. This is because in most cases, one of the spouses never sees it coming. There are a lot of emotions involved when a couple decides to call it quits. If you live in Ontario, the best way to deal with an ongoing divorce case is to seek professional help from a marriage counselor, family attorney, or a Divorce Lawyer Mississauga. Here are some helpful tips to help you manage the emotional rollercoaster during the process of divorce. Get the emotional support you deserve If you have been leaning on your spouse's shoulders all those years, you should start looking for another source of support. It is good to spend more time with close friends and family, and most experts would tell you to stay away from the usual things you both were used to. Avoid wasting your free time alone as this may escalate the disturbing thoughts. Consider involving the assistance of a lawyer at all times If there are signs that your relationship will result in divorce or separation, you should immediately consider involving a divorce lawyer Mississauga or a family attorney. This is not only to help you with the paperwork but also present you with the legalities involved with such actions. A lawyer will also suggest other alternatives to fix your relationship and your family if it can be possibly salvaged. Try the legal mediation process You should always look for a professional mediator to help you settle custody, property, tax, and financial matters inside of the legal system. This may work favorably for couples who want a divorce and have their family communications intact. The process is also less expensive and more confidential compared to litigation. Embrace the pains of divorce This is the only way to make it easier on yourself. The moment you realize that your partner wants to move on with his life without you, decisions must be respected and focus on recovery should follow. Conclusion A family will always be family, and divorcees should always consider their children first. This will help both of you go through the divorce, knowing your priorities and lessening the burden of guilt to your children. A divorce lawyer ensures everything goes according to the law without aggravating any party involved. Read Also: What Are The Grounds For Divorce In Illinois? How To Get Copy Of A Divorce Decree How To Avoid A Toxic Divorce

Criminal Case

Criminal Case – Dos And Donts

Usually, people find themselves in a labyrinth when faced with criminal charges. One reason for that is the poor legal knowledge amongst the public. Most of the time, it is not what one must do but what one must not do that gets them in trouble during prosecution. In such situations, hiring an attorney is the best you can do to avoid your case's further aggravation. There are some guidelines that you, as a defendant, must be mindful of in legislatures. A majority of civil and criminal cases are not complicated as litigants present them to be. It usually occurs when either party is unaware of the legal procedures and tries to find a way out in vexation. Let us discuss some dos and don'ts that will help you in your criminal cases. 1. Keep It Candid with Your Lawyer: Out of the fear of facing prosecution at their lawyer's hands, people will leave out details while communicating with their attorney. However, this is where the defendant is wrong. The defendant can only see his case from the perspective of a layman with no legal knowledge. There are many intricacies and loopholes in any criminal case when examined by the criminal codes. Thus, transparency is the key because the more details you leave out, the more complex the case gets. Take your lawyer's word when he/she swears to keep the conversation strictly confidential unless there is a third-party involved. Lawyers have to abide by the law to ensure that their client gets satisfying outcomes. Therefore, they will go to any length to represent your case before the judge. Moreover, you can also avail of an online pre law degree to understand the legal matters and ensure that you receive your statutory rights. Also, it will enable you to determine the details of your case more adequately and help your attorney more efficiently. 2. Avoid Interaction with Law Enforcement Until You Get a Lawyer: Most of the time, when the charge is severe, the law enforcement agencies step in before the defendant can get a chance to hire a representative. There is nothing wrong or illicit about it. You are not being persecuted at the hands of law; law enforcement is just doing its job. In every country, the citizens have the statutory right to remain silent if they do not have an attorney to represent them before the law. Most people would try to deal with the law enforcers on their own, unknowingly making things worse for them. It does not matter what you say; the law cannot talk your way out of their office until someone brings insufficient proof and arguments to back your innocence. The wise thing to do in such situations is to ask them for a representative. Engagement with law enforcers does not only mean interaction with the officials after an arrest. If a police officer comes knocking at your door to search the place, you have a right to say no, and that is what you must do. 3. Respect the Courts: Throughout the world, the jury and judges have enormous power. Disrespecting the judiciary often leads to grave consequences and might add more to your pre-existing legal troubles. Thus, it’s in your best interest to show respect to the courts. Respecting the judiciary during your trial is not only limited to addressing the judge or the jury with care. It extends to how you dress and present yourself before the court. Your presentation plays a big part in how the prosecutor, the judge, and the jury perceives you. If you do not have something appropriate to wear, ask your lawyer to arrange an outfit. Another way to show your respect towards the court is to always appear on time. Maintain your composure and stand tall while addressing the judge. Faltering in speech or speaking with slumped shoulders and grouched demeanor will give the judge a hard time taking your point of view seriously. 4. Do Not Discuss Your Case Even With Your Family without Asking Your Attorney: It is understandable if you want to share the burden with your loved ones. However, you never know how far the news will travel on the grapevine, and you might end up with a lot more complications. Thus, remain silent until your attorney has your case sorted out. It is the best way to keep the situation under control. Stay discreet about your case except with your lawyer. Also, avoid telling the world about wrongful handling through social media or chatting platforms. You do not know your case's graveness and how strict the law enforcement might be about the charges against you. When you give off details about your case to the general public, it only gives the law enforcers more chance to compare the evidence with your statements and find a fault. Staying off social media and avoiding discussions in your household and social circles would be best in your interest. Conclusion: People who are faced with criminal charges for the first time have it worse. They do not know who to approach and what to avoid to keep the situation under control. Therefore, bear in mind that sorting your case by yourself can lead to grave and irreversible consequences. Thus, the best way to ensure that you get your deserving rights is to hire an attorney skilled in representing criminal cases. An experienced lawyer will guide you through the process to get the outcomes that you deserve. Read Also: Tips To Choose The Best Lawyer In Your Country The Basics of Criminal Appeals Law Civil Cases Versus Criminal Cases: What You Need To Know What Do Criminal Defense Attorneys Do?

Collaborative Divorce

A Civil Way of Separating: 6 Questions and Answers About Collaborative Divorce

A collaborative divorce is one in which spouses work together, with their lawyers, to reach a divorce agreement instead of taking the case to court. This process can help reduce stress, enable the couple to get divorced faster and help the couple save as much money as possible through the divorce process. While this is a relatively new way to get a divorce, this is one many couple are choosing because it can make the divorce process easier on everyone involved. How Does Collaborative Divorce Work? During the collaborative law process, both spouses hire a collaborative divorce lawyer to protect their interests and help them through the divorce process. The lawyers and spouses will then have a series of meetings to identify the issues that need to be resolved and work on coming up with a solution that’s good for everyone. Other professionals may be called in to help facilitate these discussions and help the spouses find a good solution. How Expensive is a Collaborative Divorce? A collaborative divorce can be expensive, depending on how long it takes and how many professionals need to be brought in to help work out any issues. Traditional divorces will end with couples spending more than $20,000 for divorces that go through a trial. A collaborative divorce, on the other hand, doesn’t involve going to trial so, even with the added cost of help from professionals, the collaborative divorce is far less expensive. Can Anyone Seek a Collaborative Divorce? Any couple can seek a collaborative divorce, so long as both spouses are available and willing to work through the process. High-conflict divorce cases can be solved through the collaborative divorce process without the divorce needing to go through a trial. A collaborative divorce won’t be available if one spouse cannot be found or if one spouse does not wish to try this process. Is it Possible to Switch from a Standard Divorce to a Collaborative Divorce? Yes, but only if both spouses are willing to give a collaborative divorce a try. If the spouse who has already filed does not have an attorney trained in the collaborative divorce process, they must be willing to end the current divorce case and start over with a new lawyer. What Happens if One Side is Dishonest? While a collaborative divorce depends on honesty between spouses, it’s possible that one side will be dishonest during the process. If any dishonesty is found, the lawyer for that side is required to let the other side know and to withdraw from representing their client. What Happens if an Agreement Can’t be Reached? A collaborative divorce will work out well in most cases, but there is always the chance that spouses cannot come to an agreement. If this happens, the spouses can decide to quit the collaborative divorce and start over with a divorce that goes to trial. In this case, they will both be required to find new attorneys to help them through a traditional divorce. If you are planning on getting a divorce, a collaborative divorce might be worth a try. Speak with a collaborative divorce attorney today to learn more about whether this is right in your situation, how you can get started, and how you can talk to your spouse and encourage them to start the collaborative divorce process. Read Also: How To Avoid A Toxic Divorce Benefits Of Using Divorce Lawyers Top 7 Reasons To Hire A Private Detective Agency During Divorce Cases Divorce Lawyers In Houston Texas: A Short Guide On Saving Your Marriage