Financial Situations That Require Legal Assistance
When it comes to interacting with lawyers, it’s not an everyday thing. While you see doctors, professors, and teachers regularly, you only see lawyers under very particular circumstances. Because of this, it can sometimes be difficult to know which situations require a lawyer’s expertise. Having some of these situations in mind can help you be prepared to reach out to a lawyer when necessary so that you can get prompt legal advice.
Estate Planning
Estate planning is the process whereby you designate how to allocate your assets in the case of death or even disability. Because there are so many assets to carefully consider as well as so many potential situations of disability or injury to be aware of, having legal assistance is imperative.
A lawyer can not only help you figure out how to allocate your assets in case of death or disability but help you make a plan for your own long-term care, setting aside funds for other bills, and help you designate a plan for making potentially difficult medical decisions.
Bankruptcy
Filing bankruptcy can also be an incredibly tricky situation to navigate. A lawyer has the skills to help you get through Chapter 7 and Chapter 13 bankruptcy. He or she can help you figure out which path makes the most sense for your particular situation and how to minimize the damage that will be done to your credit.
Particularly, your lawyer can help you understand how to approach the potential loss of a small business, seizure of other assets, and potential bankruptcy litigation. Having sound legal advice can help you be prepared to actually go through the bankruptcy process.
Drug Charges
One of the most pertinent times when you should get a lawyer is if you ever get involved in a drug charge. Because drug charges can result in incredibly long sentences, it’s important that you have a lawyer who knows how to navigate the intricacies of drug laws.
Even for smaller infractions, having a lawyer can present your situation in such a way so that you meet criteria that allow the judge to make a sentencing decision without adhering to what otherwise could be a lengthy, mandatory minimum sentence.
There are multiple situations that you may encounter that may require legal assistance. Having some of these situations in mind can help you be prepared for the future. Start by considering these things and then do your own research about others so you can be the most prepared.
Read this next: How to Avoid Lawsuits Related to COVID-19
How to Make Business Regulatory Compliance Easier
All businesses have regulations they need to abide by. As time has passed, the governmental regulations businesses have to follow have significantly increased in volume. If the sheer volume alone weren’t enough, the changing nature of regulations only adds to the difficulty of staying in compliance. So what’s a business to do?
Develop Plans Around Regulations
It pays to be informed. In the case of regulatory compliance, it can literally save you money. There are penalties associated with non-compliance, with fines being among them. Get your business started on the right foot in regards to regulatory compliance by forming your business plans around regulations. Make sure that you as a leader are familiar with the applicable regulations you need to follow so you can develop your plan around them. The specifics will depend on your business and industry.
Keep Records
Regulatory compliance audits are a good way to ensure that your business is operating within its applicable regulations. Successfully making it through an audit hinges on your ability to prove compliance. Keeping careful records of compliance measures can go a long way towards making sure you pass. You’ll need to keep copies of any necessary licenses and permits, for example. A Safety Data Sheet contains information about health and safety in the workplace. It’s best to keep your records safe and secure, and in one place. There are multiple ways to do this. However, binders are outdated and manually updating spreadsheets leaves a lot of room for human error. You may find a document management system to be a better solution.
Hire a Compliance Officer
Given the changing nature of regulations you need to stay in compliance with, it may be best to make it someone’s job to keep track of them. A corporate compliance officer’s job is to monitor the regulations relevant to your business and industry. As they are updated, the CCO can implement and monitor a compliance program to help your business stay within regulatory compliance. This takes some of the burden off of you and makes it easier for your business to be in compliance.
Keeping track of and maintaining regulatory compliance can be tough, given the volume of regulations and the potential for them to change. You can make compliance easier and get your business set up on the right track by developing your business plans around current regulations. Keep meticulous records. You may find it helpful to hire someone specifically for the purpose of helping your company maintain compliance. Take steps now to ensure your business complies with regulations to avoid the penalties of failing to do so.
When Entrepreneurs Needs Legal Consultation
There are a lot of legal aspects to starting and running a business. Having access to legal advice can go a long way towards smoothing out a lot of potential wrinkles in operations. Even well-established businesses who have been operating for some time opt to have legal help with a variety of issues. Entrepreneurs are no different. There are times when they will significantly benefit from having a legal consultation.
Stay Compliant With Taxes
Tax laws can be complicated, often seemingly unnecessarily so. How a business is taxed is often dependent on the legal entity the business has chosen to structure as. With the ins and outs of taxes being as complex as they are, it can be tough to know if your chosen structure is the best one for your business in terms of taxation. Tax attorneys can help you sort out what option is best for your business while staying compliant with tax laws.
Buying and Selling Businesses
Buying and selling businesses can be a pretty involved process if you want to make sure you’re making a sound business decision. There’s the valuation of the business, the negotiating process, and all the paperwork involved before the transaction is complete. If you want to make sure you’re making the right choice, one of the things you’ll need to do is closely examine the financial history of the business. A lawyer can review the financials of a business to look for any irregularities or mistakes. It’s also a good idea to have them look over the agreements and contracts before you sign them. You’ll be better able to avoid agreeing to something that isn’t in your favor.
Source: https://www.podium.com/article/insurance-agency-for-sale/
When Facing a Lawsuit
Being sued is an inherent risk of doing business. Lawsuits can come from virtually anywhere. Disgruntled consumers, customers who may have been injured and claim your business is responsible, and even your own employees can find grounds to sue. Having a lawyer on board who can help you make the best decisions about how to handle any lawsuits that come your way is a good way to make sure you don’t accidentally make a decision that ends up hurting your business unnecessarily.
Source: https://www.prinz-lawfirm.com/our-blog/2017/july/top-reasons-employees-sue-their-employers/
Legal advice can be invaluable, especially in certain situations. Making sure you’re compliant with tax laws, purchasing or selling a business, and facing a lawsuit are just some of the instances when entrepreneurs are highly likely to benefit from a legal consultation. Find a lawyer who specializes in the situation you’re facing to create the best outcome for your business.
Read this next: How to Avoid Lawsuits Related to COVID-19
Learn more about CEOs like Tarl Robinson of Plexus Worldwide.
Know Your Rights: Getting Arrested
Getting arrested is no laughing matter. If you have never had a lot of interaction with law enforcement before, it can be quite scary, especially if you don’t think you’ve done anything wrong. While being arrested does mean that you lose certain freedoms, such as the ability to leave if you want to, you don’t surrender your rights as a citizen. But what are some of those rights?
Right to Remain Silent
When you are arrested, the police will interview you and try and get you to tell them what is going on or to confess. Anything that you do say to them is on the record, and they will use it against you. On the other hand, you don’t have to say anything. You cannot be forced to talk. But that doesn’t mean that they won’t ask you questions. Tell them that you aren’t going to answer, and then don’t say anything, no matter what they ask you. Even if you have said you won’t answer, they will still use anything that you say.
Right to An Attorney
Every person arrested by police has the right to have their attorney present. As soon as a person states that they want an attorney the police can no longer question them until the attorney arrives. You can ask for an attorney at any time, but you have to be very specific. Sometimes the police will ignore requests that aren’t forceful enough. When requesting to speak to a lawyer, make sure that you clearly tell them that you want to speak to a lawyer now and that you won’t say anything until you have an attorney.
Right to Medical Care
If you are hurt during the arrest or you have a pre-existing medical condition, law enforcement is required to treat you. But they can’t do that if you don’t speak up. Let someone know when you are being booked if you need treatment and continue to insist on it until you receive treatment, especially if it is a serious medical concern.
Right to A Speedy Trial
Once you are arrested, you have to be charged with a crime within 72 hours or law enforcement has to let you go. After they have charged you, they need to set a court date within a reasonable amount of time. This protects you from being incarcerated for a long time before you are tried.
Even when you have committed a crime, you don’t surrender any of your rights during the arrest process. Don’t be afraid to insist that you are treated properly, and to seek redress if you are not.
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