Small businesses are one of the fundamental foundations of our nation’s economy. A small business is often the result of many years worth of work and dedication by the owner. Therefore, it is important small business owners utilize the services of an attorney to help guide their decisions that may have legal consequences down the road. Among the most common issues faced by any small business are collecting outstanding bills, reviewing agreements with vendors or customers, and long term planning to ensure the business can continue forward even if the owner is not able to carry out all of the usual day-to-day functions.
The first step for any small business is to make sure your documents provide you access to all available remedies in the unfortunate occurrence of a customer not paying their bill. This can be accomplished through a simple contract your attorney can draft containing provisions to allow you to not only recover your funds, but also cover the cost of your attorney in collecting these funds. Remember, in the State of Alabama, you can’t collect your attorney’s fees unless a contract or law gives you the right to do so. Failure to include this provision in your agreements can cause you to incur additional costs on top of the outstanding bill or invoice.
The second step is to perform long term planning for the future. While no one likes to think about what will happen if you are gone, you must do some form of estate planning for yourself and a succession plan for your business. Having a plan in place now can avoid litigation and additional costs when your loved ones or business partners can least afford them.
The topics discussed above are among the most common. However, your particular situation discussed with an attorney who understands you and your business’ needs
. Spend a little time with your attorney and protect the business you have worked to build.