In these tough economic times, it is even more important to protect a business from losses stemming from legal issues.  Shauna Brennan, Esq., with Outside General Counsel (http://www.outsidegeneralcounsel.com), says "in this rapidly changing global economic climate, it is imperative that you protect your business and assets. The No. 1 rule in contract negotiations is that business is always good with a good person and never good with a bad person."

Here are five legal "land mines" that Brennan advises companies to watch out for:

1. Personal liability.  Business owners can protect themselves from it by forming a legal entity. 
2. Failure to protect intellectual property such as copyright, patents and trade secrets.  
3. Failure to forumulate an exit strategy. It is important to have one in place to buy out an owner, admit new owners or merge or sell the business. A failure to plan is a plan to fail.
4. Nonexistent or inadequate contracts.  They can cause loss of time, money and assets.  
5. Saying the wrong thing in negotiations. One mistake can cost a business a lot. Protect from this by using legal counsel.  Words are money.