As asset protection advisors, we sometimes find that professionals and small-business owners tend to underestimate their potential for getting sued. For instance, it’s common to come across a woman who runs a home-based baby clothes business who thinks she is not really at risk of being sued. It’s a fallacy to think this way. If you own, operate or run a small business, hire employees, enter into contracts, and make sales, you may be the target of a lawsuit.
There may be any number of lawsuits that could target you. For instance, any small business owner can be the target of discrimination lawsuits, employment lawsuits, lawsuits by creditors, and lawsuits by clients, suppliers and vendors.
Most plaintiffs’ attorneys work on a contingency fee basis. That means that they won’t take on a case until they know that it’s worth their time, resources and effort to win the case. Once an attorney learns about a complaint, he will conduct a check on you to look at the kind of assets that you have available. If the attorney finds out that your assets have been protected, it doesn’t give him an incentive to move forward. In fact, almost 99% of all lawsuits are dropped when the plaintiff’s attorney finds that recovering any damages will be next to impossible.
The bottom line is that no matter how small your business, and how safe you feel from legal action, you can always be proved wrong with devastating consequences for you. If you are a small-business owner whose business is beginning to pick up, know that lawsuits may not be far away.
Feel free to contact our office now, or at any time during this course to get an analysis with our in-house Asset Protection Attorney or Analyst, please contact Kitty Lucarini at 1 (800) 231-7112 to schedule the phone appointment.