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Professional risk management advice may prevent litigation

Business owners in Texas would not want to jeopardize success by facing lawsuits that could have been prevented. Unfortunately, corrupt people who will take their chances at bribery by offering gifts to employees threaten every business. If company owners are not on the lookout for such incidents, costly litigation may follow.

To protect themselves, business advisors recommend that employers monitor employees and address any instances of staff members accepting gifts or kickbacks without realizing the severity of the consequences that might follow. Rules about when a gift becomes a bribe are vague, and businesses are advised to take care when accepting gifts. If for example, the acceptance of a gift carries an expectation of a favor in return, it is likely a bribe.

Staff can accept kickbacks without the employer's knowledge. If an employee provides a supplier with an unfair advantage, the supplier may offer the staff member a share of the additional profits. If that comes to light, a business owner who was not cognizant of potential cases of bribery or kickbacks can be caught unaware. In the 1980's, such a scheme sent some Honda executives to jail.

Texas business owners who are concerned about the impact such litigation can have on the companies for which they worked very hard may want to learn about ways to protect their investments from such losses. Securing the services of a law firm that provides legal guidance based on the business knowledge of its attorneys may be the way to go. Retaining such services can provide risk management advice that might avoid costly lawsuits.

Source: FindLaw, "Bribes in Business: What Small Business Owners Should Know", George Khoury, March 1, 2017

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