The National Federation of Independent Business (NFIB) Legal Foundation recently released a list of 10 best practices designed to help businesses owners avoid legal trouble. According to Beth Gaudio, senior attorney for the NFIB Legal Foundation, the U.S. tort system costs more than $230 billion per year, a staggering $845 per person – with about 50 percent of this amount going towards legal fees.
The article can be accessed in its entirety by clicking here. However, here is a list of those 10 best practices.
Rule #1: Incorporate your business.
Rule #2: Know the law.
Rule #3: Maintain adequate insurance.
Rule #4: Manage employees fairly and wisely.
Rule #5: Prohibit discrimination.
Rule #6: Classify your employees correctly.
Rule #7: Be careful with independent contractors.
Rule #8: Hire an attorney.
Rule #9: Get it in writing and keep it.
Rule 10: Watch what you say and do.