Private Business Law - Manage Risks

Planning for the risks that may impact your business makes good business sense. Sometimes the best way to protect yourself is to be familiar with potential trouble spots.

Living Trusts Not Always Better Than Wills
By Andra J. Hedrick
A living trust, which is also sometimes called a “revocable trust” or a “revocable (living) trust,” is often touted these days as a good alternative to a will. Before you jump at creating a living trust, consider the pros and cons.

When Your Commercial Tenant Files Bankruptcy
By Thomas H. Forrester
What are your rights as a landlord of commercial space when a tenant has filed a Chapter 11 bankruptcy petition? This article sets out a few of the issues you will need to consider.

Why Mediation Works
By Gareth Aden
The best trend to come of our courts in the last decade is a process called “mediation,” and it is revolutionizing our civil dispute system.

What to Do If Your Business Is Sued
By Scott Derrick
Being served with legal papers is never a pleasant experience. Knowing how to react and what steps to take can help make the process more bearable and improve the outcome in your favor.

Essential Terms for Purchase Orders, Invoices, and Other Materials
By Phillip P. Welty
So many times, businesses sell their products or services with little or no written contract in place to protect the seller in the event of a default in payment or some other problem with the sale. Find out what terms are needed to reduce your business' exposure to liability or loss.

Reduce Your Chances of Being Audited
By Lee Marsden
What’s more dreaded than paying taxes? An IRS audit. Small business owners are particularly at risk for audits, which can be expensive and time consuming. To avoid an audit, you need to know what the IRS looks for.

Read more about risks to watch for:

Compliance

Taxes

Litigation

Criminal Acts

Financial Problems

I am being sued.

Call your lawyer. The law is complicated and changes on a regular basis. Attorneys are trained in the law and are skilled in methods of obtaining a positive result.

I missed a loan payment.

Call the lender immediately and explain why you missed the payment. The reason for your missed payment will determine the next course of action. If making future payments is going to pose a problem, you need to discuss the options with your lender.

I am being audited.

If an outside professional prepared your tax returns, contact them and let them know you're being audited. They should be familiar with the process and can advise you about what to expect. If you aren't confident that you reported all income properly and can substantiate all deductions, consult a tax attorney immediately.