As a business owner, you are bound to encounter a range of unique situations. Whereas many of these situations will be positive, some will even involve serious legal matters.
This is why business owners are advised to have business lawyers on retainer.
Curious as to how exactly a business lawyer can help you? Then read on. We’re going to explain the importance of a good lawyer for business.
Why Hire a Lawyer for Business?
The vast majority of business owners would be well served by utilizing the services of a business attorney. Why hire a lawyer? For the following reasons.
To Help Give Your Business a Strong Foundation
Businesses are ever-changing. They grow, they take on new partners, they lose partners, and they experience a range of challenging circumstances.
For this reason, it’s imperative for a business to have a strong foundation. If a business’s foundation is weak, it won’t be able to withstand the test of time.
A business lawyer can help your business establish its foundation by drawing up buy/sell agreements, assisting in the selection of a business designation, and reviewing key documents.
For the Creation Contracts
As a business owner, you’re going to be entering into contracts with various individuals on a regular basis. Not only will you have contracts with clients and vendors, but with employees and contractors as well.
To ensure that these contracts are sound and beneficial for your business, it’s wise to have them drawn up and reviewed by an experienced business lawyer. A business lawyer will ensure that your contracts hold legal water, and will be able to help you sift through any complex legalese that comes your way.
For Representation in Court
While you hope to avoid it at all costs, there could come a time when a lawsuit is brought against your company and you’re forced to defend yourself in a court of law. In the event that this happens, you want to be sure that you have solid legal representation on your side.
A business lawyer who is familiar with your business will be able to best defend you in court. Conversely, a lawyer who is not familiar with your business could struggle to do so. For this reason, it’s wise for businesses to keep a lawyer on retainer.
It’s also wise to keep a lawyer on retainer in the event that you have to file a lawsuit against another party. This way, your lawyer will be able to work as an insider, and not just as a legal representative with a passing knowledge of your business affairs.
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To Help You Make Sound Decisions
As a business owner, you’re forced to make tough decisions each and every day of your life; Hiring and firing employees; Choosing vendors; Establishing partnerships. Each of these decisions carries enormous weight which can have a huge impact on the future of your company. Each of these decisions also involves the law.
Because of this, it’s wise to run these decisions by a lawyer who is familiar with your business. He or she will use legal expertise to determine whether or not your decisions are beneficial toward your business and to determine whether or not your decisions are legally sound.
So That You Can Handle Employees in a Lawful Manner
In the United States, business’ handling of employees is heavily regulated. Not only are there laws regulating the hiring and firing of employees, but the management and compensation of employees. To ensure that you’re handling your employees in a lawful manner, you would be wise to utilize the services of a new business lawyer.
A business attorney can also protect your business in the event that you’re sued by an angry ex-employee. This will help you in cases where accusations of illegal termination, unpaid workers’ compensation, and sexual misconduct are levied against you or your business.
For Advice on Intellectual Property
Your intellectual property includes intangible works that were created by either you or by your employees for the sake of your business. This includes everything from logos, to slogans, to manuscripts, and more.
While your intellectual property is valuable to you, it’s also difficult to protect. If you don’t have an experienced lawyer to help you license it and supervise its use, it could easily be utilized by unauthorized individuals.
To Assist You in Transactions
Businesses are all about transactions. They buy things, they sell things, they make agreements to establish future buying/selling relationships. In other words, a business is nothing without its many transactions.
However, transactions are legally complex. Not only are they governed by regulations, but they also typically involve a variety of components. If you’re not careful when carrying out transactions, you can land your business in financial and legal trouble.
This is why it’s wise to have a business lawyer on your side. He or she will ensure that everything is on the up and up, reaping the most beneficial deals possible and making sure that you’re buying and selling in a lawful manner.
For Business Restructuring Purposes
Most businesses start small and transform into something bigger over time. For instance, a sole proprietorship might turn into an LLC and then into a corporation. Of course, every time a business restructures in this manner, it opens itself up to a variety of different changes (ie. tax changes, employee management changes, etc.).
Who can help you through these changes in an informed and legally sound manner? A business lawyer, of course. He or she will act on your behalf, ensuring that you’re doing the right thing for your business.
In Need of More Business Info?
As you can see, hiring a lawyer for business is hugely important. Not only can a lawyer assist a business in making wise decisions, but he or she can also help to keep that business out of legal trouble.
In need of more business info? If so, @ Your Business has you covered. Our site is filled with business-related info, covering everything from taxes, to payroll, to transactions, and more.
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