Business lawsuits are prevalent. When opening a business, it almost goes without saying the company will have to deal with a lawsuit sooner or later. One study found that in any given year, between 36% and 53% of small businesses are in some form of litigation. Meanwhile, 90% of all businesses regardless of size are in litigation at any specific time.
If your business has a lawsuit on the horizon, then it is paramount to plan accordingly. Business disputes come up all the time, but with proper preparation, you can get out on the other side all right.
Maintain a detailed calendar
Keeping a calendar may not seem like a big deal when facing a lawsuit. However, there are a lot of dates to keep track of. You will have deadlines for all the paperwork, and you need to know when you have to appear in court. Additionally, a good calendar can help prove dates you were at a certain place at a specific time if that pertains to the case.
Keep unused drafts
You may find it erroneous to maintain old drafts or unused paperwork. However, these documents may work to your advantage later. This is why it works in business owners’ best interest to maintain financial records and credit card statements for several years before eliminating them. This paperwork can work to your advantage, and you should ideally have original copies.
Keep notes of important conversations
Another important piece of evidence to bring to the table includes all the conversations you had with relevant parties in the timeframe of the lawsuit. Juries and judges like people who take detailed notes. It makes you seem credible, and there is hard evidence as opposed to only your word. A certain note may even jog your own memory about an important detail that helps your case. You should prepare all of these documents for your attorney so that he or she can build a solid case.