If You Are a Business Owner. What if You Get Sued?

When you are in business today, you must realize that there is a whole subculture that exists purely to sue business owners. Most business owners have done very miniature to protect their personal possessions in the subject of discussion of a business lawsuit. Having your business in an entity such as any LLC or corporation does provide some personal liability protection to the owner but even that is limited. If, in court, it can be proven that the owner of the business is responsible for the event that led to the responsibility, the entity no longer protects the owner. In most closely held businesses, it is not perplexing to show that the owner was responsible.

If action is taken against the company, the owner could have virtually no passport for his personal estate. Most business owners have a large percentage of their unadulterated worth in their businesses. If a creditor goes after the troop and is successful in doing in the same manner, the owner could personally subsist wiped not at home.

The first and easiest step to take is multiple entities. An example would be to have the gang owned by one entity, the building by another and, even, the trucks owned by another. This habitual method, if one of the company?s trucks should injure somebody, the only entity that could exist sued would have existence the being that owns the trucks. The only assets that this entity owns are the trucks. I liken this concept to ?multiple rewalls.? Employees should subsist asked to sign a Non-compete Covenant. This could debar the employee from going to a rival or going into business and competing against their former employer. The law of the enforceability of this arrangement varies from commonwealth to state and a lawyer needs to be consulted.

Employees should also be asked to sign a Confidentiality Agreement. This prevents the employee from divulging any information that was shared with them at their place of employment. If this agreement is violated, there could be dire financial consequences for the employee.

We also suggest employment contracts for the key employees. This agreement puts in writing the rights enjoyed by the employer and the employee. If this agreement is properly drafted by every attorney, it could save a lot of heartache in the future.

Every business should have a written Employee Handbook. This handbook should discuss in great detail complaint procedures in the case of harassment of an employee. It also should discuss everything from drug testing to e-mail and voicemail procedures. It should clearly turn out how, why, where and when. This manual should also include to what degree company thing owned, such as computers and vehicles, need to be treated. The business owner should have their attorney review the handbook before it is distributed to the employees.

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Posted by admin October 2008

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