A business is only as good as its product. Entrepreneurs can spend years researching, dreaming, testing and designing their product. Ultimately, though, no product is perfect. Most products pose some sort of risk to consumers. As a result, small business owners face serious liability issues due to their products.
Businesses will go encounter many speed bumps and roadblocks along the path to success. When your business encounters one of these obstacles, it may be tempting to tackle the issue on your own or simply throw your hands up in resignation. Wise business owners know a better way to handle these challenges—by retaining a business attorney.
Many startups fear that a former employee, partner or client will somehow steal their trade secrets and use them to make a buck. Another common fear is that a former employee will poach talent from the startup to move to a different company. For the electric-car startup Faraday Future, both of these fears have apparently been realized.
Earlier in October, the United Parcel Service (UPS) had reason to believe some of their pilots found and shared strategic plans about a UPS aircraft based on confidential trade secret information in a PowerPoint. These private plans were indicated to have the goal of influencing company strategy and financial decisions in the future.
Almost as soon as Equifax announced its unprecedented data breach, two proposed class actions were filed in federal court. One was filed by a group of consumer rights attorneys who had just won the right to sue Yahoo for another large data breach. More suits are almost certain to follow.
Many fans of the Jurassic Park movies felt that amongst all the dinosaurs, the raptors stole the show from their larger reptile counterparts. What they lacked in size, the "clever girls" made up for in strategy and ferocity.
"Together we’ll go far."
In our last post, we talked about a contract dispute between Charter's Spectrum and Fox Networks Group over the channels carried by Spectrum in the wake of a changing contract and a rebrand by Spectrum (once Time Warner Cable). It is a convoluted story, but the point is this: the dispute threatens to harm consumers, and this directly impacts how companies are perceived and how they can perform in the marketplace.
Running a business requires you to track huge amounts of information about company sale, practices and more. It is difficult enough to plan and enact measures for the company's financial growth, but this is even more stressful if another party interferes and hurts your business.
Borders may define nations and states, but when it comes to business, many companies cross these borders and come together. However, this comes with its own set of complications. When businesses work together, the intent is for everything to operate smoothly and for there to be no legal issues. These moments aren't as common as you would hope, though. Many businesses run into legal troubles with other companies or even partners within their own company.