Simplicity is the heart of many successful businesses as well as happy life. Devoting our life as professional law experts, we have been witnessing and dealing with various messes resulting from the lack of law acknowledgement, legal planning or laying wrong trust in other people’s hands, which you might not have created yourselves.
That is why our lawyer team decided to gather our on-hand experience to generate the following 04 simple legal tips that might help you to either avoid troubles in your business or make life safe and peaceful.
– Avoid & prepare for business bankruptcy
It might seem pessimistic when you operate a business and make advance preparation for bankruptcy. However, it is always recommended by any business solicitors that you file for bankruptcy to legally prepare for the worst and avoid losing everything.
You can follow one or more of these legal tips:
- Cut unnecessary business costs;
- Find more financial support and back-ups;
- Update your business plan – maybe your strategies are outdated and a new approach to product creation or marketing can save your business;
- Reduce small business debt – find out how much you need to pay your creditors in order to avoid bankruptcy and make this payment a priority;
- Hire a finance specialist to take a closer look at your situation and help you with the next steps.
– Careful with your property purchase
Though you might be an expert in real estate, taking into account potential risks when making an investment in property or your first home is still of significant important. The issues might arise from land tax, possession rights, insurance,…depending on the property you purchase. For example:
- For old properties: There might be hidden damage, the depreciation benefits are low and much smaller returns compared to new property.
- For land investment: There might incur problems related to the use of land, environmental issues, high taxes.
Consulting a lawyer is always a good idea, especially when your investment is made by your long-term savings of your spouse, your family members.
– Aware of fraud charges in your workplace
Not being familiar with the law can often cost you a lot. In the workplace, for instance, tens of fraud charges can happen without you realizing.
Whether you’re a worker or an employer managing a team, you could notice:
- Unrecorded sick leave;
- Using corporate credit cards for personal purchases;
- Forgery (someone else signing on your behalf);
- Inventory theft;
- Ex-employees being kept on the payroll;
- Falsification of time sheets;
Make sure that doesn’t happen to you by protecting yourself from fraud charges. In case it does, you will find out it’s difficult to prove who’s guilty in this situation so you will need professional advice from lawyers.
– Ensure the legal rights of your loved ones.
One of our biggest legal lessons to your everyday life is to protect the people you love and ensure their legal access to your assets, which you can easily prepare in advance. The following documents can enable your power to do so:
- A will: Decides who will receive your assets when you’re gone. Name a second beneficiary too. Also, you should pick a guardian for your child. The actual process of choosing one is easy, but picking the perfect match might not be. Take your time to choose the right candidate now and ask them for permission.
- A power of attorney: Decides who will manage your finances when you don’t have the chance to (if you’ve been in an accident, for example). Without this, even your spouse won’t have immediate (or any) access to your assets and will have to ask a court to make even a small deposit.
So sign these documents to save yourself and your loved ones the trouble in the future.
Though there should be many more legal tips we would like to remind you, we believe that these 4 aspects of life would be enough to have control over our unpredictable life. Planning, researching, and preparing are what can save you time, trouble, your well-being and finances in the future.
