The Cost of Lawsuits for Small Business and the Need for a Lawyer

Small business owners can benefit from the guidance of an attorney to help prevent some lawsuits or mitigate the impact when lawsuits do happen.

2012-07-26

July 26, 2012 (Press-News.org) The Cost of Lawsuits for Small Business and the Need for a Lawyer

Starting up a new business can be both an exhilarating and terrifying event. Many small business owners note that one of the more challenging aspects of running a business is the legal regulations that govern all aspects of business, including forming the business as a legal entity, treatment of employees, handling funds, contracts, selling goods and services and maintaining business premises.

Small businesses in Connecticut and across the U.S. are particularly vulnerable to lawsuits and suffer the costs when they do have to litigate. Small business owners can benefit from the guidance of an attorney to help prevent some lawsuits or mitigate the impact when lawsuits do happen.

Lawsuits Impact Small Businesses

According to Tort Liability Costs for Small Business, a 2010 study conducted by the U.S. Chamber of Commerce's Institute for Legal Reform, small businesses paid $105.4 billion in expenses related to lawsuits in 2008. When researchers added malpractice suits to the equation, the amount rose to $133.4 billion. Of the money small businesses spent, $34.6 billion were out-of-pocket expenses, not covered by insurance. Small businesses bore 81 percent of the costs of business tort liability costs for the year.

The study anticipated that the cost of lawsuits for small businesses would increase in the future.

Why Hire a Lawyer?

With all the money that small businesses are paying in legal matters already, engaging the services of an attorney when they are not faced with a lawsuit may seem like a luxury these businesses cannot afford. When business owners choose to handle legal matters themselves, they may believe they are saving hundreds or even thousands of dollars. The do-it-yourself option may seem particularly attractive now that so much legal information and so many legal forms are available to people online.

However, business owners may end up costing themselves far more money than they saved in legal fees when they find out they handled a legal matter improperly and lawsuits arise from it.

Experts suggest that business owners use the services of an attorney for at least the following:
-Filing business formation documents
-Human resources issues
-Contracts
-Partnership agreements

By paying a little money up front to have a lawyer review certain aspects of their businesses, small business owners can save a lot of money in the long term by reducing the number of legal problems the business may have to face.

Article provided by Rome McGuigan, P.C.
Visit us at http://www.rms-law.com

ELSE PRESS RELEASES FROM THIS DATE:

Dispelling Myths About Bankruptcy

2012-07-26

Dispelling Myths About Bankruptcy The thought of filing for bankruptcy sends many people into a panic. They may be struggling to pay their bills, falling further behind all the time, living under the constant strain of debt and fending off harassing creditors. However, they think that filing for bankruptcy would be even worse because they believe some of the common myths surrounding bankruptcy. People in Ohio and across the U.S. who are having financial difficulties should have the facts about filing for bankruptcy. Myth #1: Filing for Bankruptcy Means Losing Everything One ...

What to Do After a Dog Bite in California

2012-07-26

What to Do After a Dog Bite in California People in the U.S. love their dogs. About 77.5 million dogs are kept as pets in the country, according to See California, and California is the state with the most dogs. Almost 40 percent of California households have a dog. California also has some of the most strict dog bite laws in the country, making dog owners responsible for injuries their dogs inflict when dogs bite. People should know California's dog bite laws and the steps they should take if they have suffered injuries as a result of a dog bite. California Dog Owner ...

California's TRUST Act Would Limit Deportations

2012-07-26

California's TRUST Act Would Limit Deportations The Obama Administration has emphasized deportation of undocumented immigrants who are convicted of crimes with the Secure Communities program. In the years the program has been in place, though, many have voiced criticisms of how the federal government enforces the program's regulations. A bill in the California state legislature called the TRUST Act would limit California state authorities' participation in the Secure Communities program. The Secure Communities Program The Secure Communities program began in 2008, ...

Drunk Driving Laws and Penalties in New York

2012-07-26

Drunk Driving Laws and Penalties in New York New York state takes drunk driving very seriously. The penalties for a DWI conviction can be severe, regardless of whether driver is under or over age 21, a first-time offender or a commercial driver. Different Penalties Depending on BAC When a driver's blood alcohol concentration is between 0.05 and 0.07, he or she may be convicted of an offense called driving while ability impaired by alcohol. For a first DWAI conviction, fines range from $300 to $500, and the driver may be sentenced to spend up to 15 days in jail. ...

Missouri Child Custody and Support

2012-07-26

Missouri Child Custody and Support When parents split up, one of the more difficult issues they face is setting up custody arrangements. If parents cannot reach an agreement between themselves, the court must step in and set up a parenting schedule. Missouri parents should know the different types of child custody, as well as how courts make custody determinations and child support awards. Types of Custody in Missouri Missouri law divides custody into two main categories: -Legal: the right to make decisions about the child's upbringing, such as education, religion ...

New Jersey Considering Stiffer Penalties for Repeat DUI Offenses

2012-07-26

New Jersey Considering Stiffer Penalties for Repeat DUI Offenses On June 7, 2012, the New Jersey Assembly Law and Public Safety Committee approved a bill that would increase the possible penalties for those who have multiple driving under the influence convictions. Drivers in New Jersey should be aware of the state's punishments for repeat DUI convictions and how they may change if the Assembly passes this bill. Current DUI Penalties The punishment for multiple DUI offenses in New Jersey is already severe: -Second DUI conviction: forty-eight hours to 90 days ...

Easy Steps to Protect Your Assets in a Divorce

2012-07-26

Easy Steps to Protect Your Assets in a Divorce Getting a divorce can be a complicated, messy process for unprepared couples. However, by taking certain steps, those considering divorce can increase the odds of achieving a fair result. When the vague idea of divorcebecomes a reality, it's important to immediately separate financial assets such as checking, savings and credit card accounts. Individuals should try to maintain, or begin creating, financial independence and credit in their own names. Further, some spouses may try to cut off -- or take advantage of -- the ...

A Do-it-Yourself Missouri Divorce Can Lead to Difficulty

2012-07-26

A Do-it-Yourself Missouri Divorce Can Lead to Difficulty The number of people representing themselves in divorce proceedings has steadily increased over the last couple of years. When a person represents themselves in a divorce it is called a "pro se" case. A pro se case usually stems from a desire to save money, but there are also cultural forces that may influence a litigant to self-represent. A growing do-it-yourself mindset, a desire to cut out the "middleman," or simply a general apprehension about attorneys and the legal field can make a person ...

Social Security Disability Benefits for Injured Military Veterans

2012-07-26

Social Security Disability Benefits for Injured Military Veterans To help wounded soldiers receive disability benefits more quickly, the Social Security Administration offers expedited claims processing for military veterans who are unable to work as a result of an injury received in service. Who is Eligible for Disability Benefits? Members of the U.S. military may qualify for expedited claims processing with the SSA if they became disabled during active military service on or after October 1, 2001, regardless of where the injury occurred. However, to receive Social ...

Supplemental Needs Trusts Can Provide for Long-Term Care

2012-07-26

Supplemental Needs Trusts Can Provide for Long-Term Care Parents often worry about their children and what the future holds for their offspring. Parents of children with special needs may be even more anxious than most parents, with an acute worry about who will care for their children after the special-needs child's parents have passed away. Parents should be aware that there are estate planning options, such as a supplemental needs trust, that can ensure that their children will have assets to meet their needs long into the future. What Is a Supplemental Needs Trust? A ...

The Cost of Lawsuits for Small Business and the Need for a Lawyer

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: