businesses rely on lawyers to provide legal expertise in some areas, which they might not be well-versed. These include the knowledge to:
- Ensure compliance: A lawyer can help make sure that your business opens and operates by federal, state and local laws.
- Reduce risk: Doing business exposes you to risk. But a business attorney can help you establish a set of procedures that will limit your risk.
- Minimize liability. A lawyer can help define business terms of service and contract language that restrict your liability in the event of a legal claim.
- Establish agreements: A lawyer can help you establish formal legal documents that govern relationships across the organization. This way, you know what you owe to your partners, employees, vendors, customers or clients and their deliverables in return.
- Master taxes: Attorneys trained in tax can help ensure that you pay the tax you owe; they can also help lower your tax liability by identifying valid business deductions and reimbursements.
When do new businesses typically use a lawyer?
The specific scenarios when start-up small businesses often choose to consult a lawyer include:
- Choosing a business entity: A lawyer can help you decide between a sole proprietorship, partnership, LLC or corporation based on the nature and size of your business and the tax and legal pros and cons of each.
- Picking a business name: An attorney can perform the research needed to ensure that the name you give your business not in use another business or trademarked. Operating under an already trademarked name can cause financial and legal woes down the road.
- In Addition, Forming a business entity: Business owners often retain the services of a lawyer to create partnership agreements or file certificates of incorporation. Therefore, these are necessary documents needed for a small business owner to legally operate his or her business.
- Licenses/permits: Small business owners often consult lawyers about the licenses and permits they need to obtain to set up shop. Relevant documents might include general business and trade-specific licenses, zoning permits and others.
- Creating contracts: From terms of service to vendor and employee contracts, lawyers can make light work of preparing bullet-proof contracts for agreements your business enters into with other entities.
- Patenting a business idea: A lawyer can help advise you about how to keep your patent confidential, search for and avoid duplicate patents already filed with the U.S. Patent and Trademark Office, and file a patent application.
LAWYERS FOR BUSINESSES- WHY YOU NEED THEM
All businesses need to be strategic when hiring attorneys for assistance. Consequently, a lawyer will improve your ability to understand different legal issues. Certain situations make it necessary for business owners to involve their lawyers. These include being sued for discrimination by employees, legal violations and negotiating the sale of a business.
All types of businesses need lawyers to provide them with legal guidance regarding aspects such as contracts. Therefore, any type of business transaction requires varying levels of negotiations, document preparations and reviews.
Most business owners lack the knowledge and experience required to handle various legal aspects of running a business. Consulting a qualified lawyer to handle your business matters can be highly beneficial towards enabling you to prepare documents, get legal protection and protect your business interests as well.
What Does a Business Lawyer Do?
There are two different areas within business law: transactional and litigation.
A business lawyer focusing on transactions gives advice about how to start and manage your business. Acquiring another business and making sure your existing business complies with current regulations can be quite complex.
Business lawyers with a focus on litigation represent you in court if you’re being sued or need to sue someone else. Generally they pick up where transactional lawyers leave off—for example, when a contract or some other legal document is violated or disputed.
In addition, Business lawyers can help guide you through complex laws and are able to draft and review your business agreements to keep your business running smoothly. Therefore, they can take you through a lawsuit if things aren’t running smoothly.
How Do I Know If I Need a Business Lawyer?
Consulting with a business lawyer is a smart idea when you’re forming a business, managing a business, transferring a business, or having trouble with your business.
A transactional business attorney can help with:
- Drafting and reviewing documents
- Mergers and acquisitions
- Corporate compliance
- Business formation
- Leasing and licensing property
- Managing employees
While you may not generally need a legal counselor to assist you with exploring the whole excursion of maintaining your business, forestalling future issues is a fundamental stage for your business. You might have the option to deal with some business matters on you own however there are lawful issues that require a legal advisor’s expert help. Consequently, organizations have the choice of holding layers that can help them with an assortment of legitimate errands. This is suggested for complex and tedious issues that are past the extent of what an entrepreneur can deal with alone.