Even the lessons of experience may not be enough to immunize a new business against litigation. For that reason, a new venture should enlist the skills of a business organizations attorney to thoroughly document the potential liabilities of each owner.
Take the recent example of Sir Richard Branson, founder of the Virgin Group conglomerate. Branson recently launched a new venture, Virgin Cruises. He obtained financial support from a private equity firm and things seemed to be going according to plan. However, the new enterprise is now facing an intellectual property lawsuit from Norwegian Cruise Line’s former chief executive.