Minimizing legal risk in your growing business, with Michelle Bomberger

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Your small business is poised for growth, but lurking legal risks could derail your success. It’s easy to get caught up in the excitement of growth and overlook the legal side of things. From employment laws and tax codes to those contracts that seem clear until they aren't, any of these can lead to expensive and time-consuming disputes. 

So, how do you make sure your business is legally protected? Do you hire a full-time lawyer or a consultant? And are there other ways for you to stay compliant and reduce risks without breaking the bank? 

In this episode, Michelle Bomberger and I discuss how you can minimize legal risks in your growing businesses. She shares how small business owners like you can protect themselves legally as the business expands including how to manage vendor and customer contracts, ensure compliance, and address employment issues during the recruitment process.

My guest today is Michelle Bomberger, CEO and Managing Attorney at Equinox Business Law Group. Michelle believes that every business deserves to have the same strategic law advantages as mega-corporations. 

Her experience as a business owner and entrepreneur gives Michelle unique insights into the emotional and practical aspects of owning a business and how important legal infrastructure is to growth and success. 

We discuss: (timestamps)

02:17 How business owners can minimize legal risk

04:10 Key points in vendor contracts for risk mitigation

06:36 Defining indemnification for business owners

08:36 Must-have items in customer contracts

9:23 Importance of tracking contract expiration dates

13:14 Essential components in employee contracts

16:57 Managing legal requirements for remote employees

18:47 Hiring HR experts for legal compliance

19:55 Integrating contracts, insurance, and business structure

24:37 Instances where the corporate veil can be pierced

27:16 Differences between professional liability and E&O insurance

28:55 Coordinating legal and insurance conversations

34:25 Key discussion points with a strategic legal advisor

36:44 Steps to gain better legal insight and minimize risks

Resources:

Michelle Bomberger, Strategic Legal Counsel, Founder and CEO, Equinox Law Group
https://equinoxbusinesslaw.com/

LinkedIn:
https://www.linkedin.com/in/michellebomberger/

Facebook: 
https://www.facebook.com/Equinoxbusinesslaw

Twitter:
https://twitter.com/equinoxlaw

Youtube:
https://www.youtube.com/@EquinoxBellevue

Kathy Svetina, Fractional CFO:
https://www.newcastlefinance.us/

Blog post | Minimizing Legal Risk in Your Growing Business
https://www.newcastlefinance.us/listen/minimizing-legal-risk-in-your-growing-business/

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