The most common legal mistake that small and medium businesses make is not thinking enough about legal issues.
The five mistakes that follow all have that in common. Legal matters are an afterthought — if they are given any thought at all — and it often costs businesses a lot of time and money to clean up the mess that results.
The fact is, small and medium businesses make a lot of legal mistakes, but here are the five most common ones:
They don’t know the law. There are a lot of laws, and business people can’t be expected to know the ins and outs of all of them. But they should have some understanding of the facets of business law that affect them, such as contractual law, employer-employee law, securities laws, copyrights, trademarks and patents, among others.