You’ve established your own company after many years of hard work. This is a major achievement that can bring numerous rewards both personally and financially.
That being said, you have to be careful. Some people will be envious of your success and your competitors could feel threatened by you. All of this makes you a potential target for the following problems:
1. Legal actions
Running a company comes with a lot of legal responsibility. You have to adhere to labor laws, competition laws and much more. A grievance in any of these areas could potentially result in a lawsuit against your business. Whether or not the lawsuit has any merit, you need to be in a position to present your case and defend your company’s interests.
If competitors, aggrieved former employees or unsatisfied companies do not have legal grounds to challenge you, then they may try other tactics to “get even” for a perceived slight. In business, your reputation is everything, which unfortunately makes it an effective area to attack. Online reviews, social media, message boards and other online platforms have plenty of legitimate reviews, but they are also prone to trolls. False accusations may be made against your company with the intention of damaging your reputation.
3. Tax issues
As a successful business, particularly one that makes a tidy profit, you are going to stand out. All of that success can attract the attention of the Internal Revenue Service (IRS). If you are subjected to an audit, then all of your documentation and accounts will be examined thoroughly. Even an honest mistake such as missing a deadline could land you in hot water.
Your business may be a target but there are ways to defend it. Having legal guidance behind you will help ensure that you can focus on continuing to expand. We help small businesses when they need to defend themselves against various kinds of legal accusations. A consultation will provide you with more information.