Most small business owners are looking for that edge over the competition which will help increase their profitability and market share. As Americans are living in an increasingly litigious society, one way to gain such an edge is to seek legal advice from competent professionals regarding business and tort law. There are severalÂ lawyers in Jacksonville FLÂ who can provide the legal advice any business owner, small or large, needs to take his or her enterprise to the next level.Â
What is Tort Law?
The most important area of the law for any business owner is known as tort law. Any time a client or customer feels they have been wronged in a noncriminal way by an individual or business, they have the right to legal redress of their grievances (commonly known as filing a tort).
The most relevant categories of tort law for a business owner are known as strict liability torts and negligent torts. Strict liability torts arise when a product or service inadvertently causes harm to a client or customer. Defective airbags, toxic paint on toys and ineffective car seats are all recent examples of strict liability torts.
The second category of tort — negligent torts — arise due to any negligent action (or inaction) by a business owner, or failure to practice due diligence. In other words, is the business owner doing everything they’re required to in order to keep consumers safe from harm? Disregarding Occupational Safety and Health Administration regulations, ignoring food safety requirements and the infamousÂ slip and fallÂ lawsuits are all examples of negligent torts.
Business Law Helps Increase Profits
Knowledge is power, and gaining knowledge of business law is a smart idea for any business owner looking to increase profits. Reducing a tax burden, streamlining a workforce and expanding efficiently are all key areas of business law that can help increase profitability. Tax law and business law are very closely related, and using the tax code in your favor can increase your profit margin.
Remember to always seek competent legal advice when undertaking any new business venture.