As a business owner, it’s essential to understand the basics of business litigation. Legal disputes can arise for a variety of reasons and company owners should be aware of what business litigation entails, the various types of business litigation, and how you can prepare. Here are the basic myths and facts about business litigation.
Fact #1 – Business litigation is…
To begin, business litigation involves disputes that arise out of commercial and business relationships. These disputes may include an establishment’s claims against another company, government entity, or groups of individuals. Because reputation is a company’s most important asset and lawsuits are public knowledge, it’s critical for business owners to protect themselves from these legal issues. Business disputes can include, but are not limited to, breach of fiduciary duty, contract disputes, defamation, libel, or slander, purchase/sale agreements and disputes, etc.
Myth #1 – You can’t prepare or predict litigation
As a business owner, you may think that getting sued is something you can’t prepare for. This is not the case. Oftentimes if you’re getting sued it’s too late. Businesses, especially start-ups, can benefit from hiring a business lawyer from day one to establish practices that may help prevent you from getting sued.
Fact #2 – Business litigation requires attorney representation
If your company is involved in a legal dispute, you must hire an experienced business litigation attorney. In the State of Florida, all business organizations must be represented by a licensed attorney to bring a lawsuit and to defend against any claims brought against the company.
Myth #2 – Hiring a business lawyer is too expensive for my company
Money can be tight with any new business. It’s a valid question to ask if investing the time and money in a business lawyer is going to be worth it in the end. The answer is yes, it is worth it. The fees you pay for sound legal advice will always be far less than those you’ll face for any preventable wrongdoing on your part. Working with a business lawyer is not a waste of money, it can be a valuable asset to your company by providing valuable advice and assistance in drafting business plans, business formations (including joint ventures, limited partnerships, limited liability companies, and corporations), and structuring financing provisions. The most successful companies start their corporate ventures with proper legal counsel.
If you are already facing litigation over a business matter, you’ll need an experienced lawyer. Even if you aren’t faced with litigation, if you’re looking for trusted business lawyers, contact Cardillo Keith Bonaquist. The firm has provided legal advice, including business law and commercial litigation, for Southwest Floridians for over 45 years. Founded in 1975, Cardillo Keith Bonaquist is the longest continuously serving legal partnership in the greater Naples area. For more information, contact Cardillo Keith Bonaquist today by calling 239-774-2229 or visit ckblaw.com.