The growth your small business has been enjoying can be exciting. However, the larger your company grows, the more you need to protect it. Legal issues are sure to crop up almost immediately, and you must be aware of pitfalls and troublesome practices that could affect you and the business. The actions below are important for avoiding any legal problems as your business thrives.

1-Protect Personal Assets with the Right Business Structure

If you haven't already, you need to evaluate different business structures to protect your personal property from being targeted with legal action because of business issues. Many people operate sole proprietorships, for instance, without realizing that setting up a simple LLC or S-corporation could be the difference between keeping their house and losing it because they are sued by another company. Look into different business structures and ensure you're protecting yourself.

2-Get Appropriate Insurance

Being sued is not inevitable, but if it happens, you need all the help you can get. Business liability insurance and other insurance products can kick in if someone files a claim against you. Many small business owners don't want to have the expense of insurance, but it can protect you and employees in many ways. 

3-Use Written Agreements

People in business, especially when they're first starting out, make the mistake of verbally agreeing to different things. You may have a friend who helps with your marketing materials, for instance, or you might know someone who gives you a discount on packing supplies. However, these informal agreements are hard to prove in court and are hard to enforce. After an argument with the packing supplies professional, they may insist you pay full price, which could affect your budget substantially. That's why it's vital to have written agreements and contracts.

Put everything down into writing with everyone you work with. This will clearly outline the responsibilities of each party, and if there's a falling out, you can then explore your own legal options for breach of contract.

4-Know Basic Laws

While you aren't a lawyer, you're still bound by the laws regarding employee management, business actions, intellectual property and other issues. Research the basics and be aware of any changes being made. Your local small business association should be able to inform you of the latest information.

Even after you've used these suggestions, retaining a business lawyer is a logical next step. They can advise you regarding all of these issues and ensure your business mistakes are few. For more information, check out a website like suarezpalaw.com.