Owning your own business can be a tremendous accomplishment, but it also comes with some difficult challenges that you need to be prepared to face. In the event that your relationship with your business partners goes sour, the resulting legal entanglement can be daunting and complicated. Putting yourself back on solid footing is an important step in reclaiming your independence.
Below, you'll find a guide to some questions you should be sure to ask your attorney during business litigation. Having the answers to these questions can help guarantee that you're taking the right steps to protect your interests and will put you in a position to move forward with full success.
Ask About Outstanding Liabilities
One of the biggest risks in any business litigation proceeding is the thought that an unexpected liability might rear its ugly head and interject into the conversation. If sudden adjustments have to be made, your strategy might be compromised and you can find yourself struggling to recover.
During strategy sessions with your attorney, it's important to go over any and all contacts or funds which may be even tangentially related to the situation at hand. Developing a full accounting of your outstanding liabilities will allow you to take the proper steps to minimize them, guaranteeing the security you desire.
Ask About Direct Negotiations
Most of the time, if you have a business partnership relationship with someone, you have a strong personal relationship as well. This can have some emotional negatives, but it can also have some logistical positives if parts of that relationship can be salvaged.
Direct negotiations over parts of a business dispute can be an effective solution, but you should also be sure to tread lightly. Remember that it's vital for you to look out for your own interests at every turn, and make sure you discuss all of the potential pitfalls with your attorney before you begin the process.
Ask About Asset Protection
Ultimately, the most important thing you can do in any business litigation is to make sure that you minimize your losses. This means using the full extent of the law to shield your assets and put yourself in the best position possible. Ask your lawyer if there are any additional steps you can take to protect your assets that you haven't considered. While it's essential to stay fully within the bounds of the law, you're well within your rights to take aggressive actions to protect your future.