4 Reasons You’ll Need a Business Lawyer
Business lawyers and legal advice are not just a good idea, they are essential components of any business plan for the legalities and laws concerning your industry. With so many legal matters, lawyers can potentially save a company time, money, and resources while providing the extra boost of confidence every business owner needs.
Not considering a business lawyer may turn into a costly mistake and an error which could have easily been avoided with a bit of research. They increase the value of the business and help protect their clients from legal implications so they can operate a fruitful and flourishing organization.
Following State and Federal Compliance procedures are also an important aspect a business owner may overlook due to the vast majority of laws. A business lawyer will help ensure no law is overlooked and all business is conducted up to State and Federal standards.
Responsibilities of a Business Lawyer
- Helps handle various business transactions legally and ethically
- Assists with liability claims
- Advises the client concerning the prosecution or defense of lawsuits
- Educates the client on their legal rights and obligations
- Analyzes possible outcomes for potential cases
- Evaluates any findings and develops accurate and pointed legal strategies
Benefits of a Business Lawyer
Here are four reasons why a business lawyer and legal advice are essential to protect you, your clients, and your employees.
Help Determine the Business Structure
Every firm or business starts from the ground up and there are often questions concerning the structure of the business. A business can choose to be a sole proprietorship, partnership, limited liability company, corporation, or nonprofit. An experienced lawyer can help navigate the business owner through all these options while helping settle on the choice which bests suit your industry.
Business lawyers can also assist with educating the business owner on how to avoid personal liabilities, set-up fees, choosing the right insurance policies for your business, setting up employee manuals, identifying business expenses, and create and file all required documents so nothing is missed in the structuring process of the business.
Drafting and Negotiating Contracts
A well-written contract is essential to any business and is the foundation of any good business deal. Business lawyers will take the time to educate their clients and explain the process for any contract or negotiation such as a sales contract, vendor contracts, and employment contracts.
A lawyer can find potential issues there may be within a contract and advise their client on how to proceed regarding any issues which may arise. They can help you achieve a fair negotiation process and fair contract terms while also evaluating the conditions of the business to be sure the client will be forfeiting none of their rights. Business lawyer can also identify liabilities within contracts that need to be addressed during contract negotiations so that your business does not take on unnecessary risks as part of a contract.
Some environmental problems a business could face include manufacturing, waste disposal, and emissions. There may also be issues which arise if you are looking to purchase a piece of property and an inspection and environmental study are required to be done before securing the financing.
A business lawyer can help advise the client on any potential problems they may face due to these requirements and will help them comply with environmental standards as they proceed with the sale.
Business lawyers also assist with franchise agreements, real estate purchases and sales, disclosure agreements, contract review, modification, and disputes. They aid in navigating stress and will read all lengthy documents in their entirety so nothing is missed and none of the client’s rights or obligations are looked over or create potential liabilities.
The biggest benefit of hiring a business lawyer is their expertise and knowledge of legal matters relating to setting up and running a business. They focus their efforts and attention on issues which can affect the business' profit margin and can interpret the laws and regulations in the client’s state that affect the bottom line of their business.
A lawyer can create strategic maneuvering techniques for preemptive measures to avoid litigation and penalties. This advice can save a business a lot of time and a lot of money and limits the owner’s exposure to potential litigation issues.
Choosing the Right Lawyer
Choosing the right lawyer will take time and patience. The client will want to look for a lawyer they know and trust. One whose reputation is good, reliable, and upstanding. While finding a lawyer, there are several questions you should ask them:
- How long have you been practicing business law?
- Do you have experience in my industry?
- How do you charge for legal fees and other expenses?
- What is your advice to lessen the chance of litigation?
Finally, consider where the office is located. Is it in a convenient location? How is the communication between yourself and the lawyer? A good lawyer will be available when the client needs them. If they do not return phone calls, then the communication isn’t there and they might not be the best fit for your business.
Hiring a lawyer to help a business is an essential move toward running a successful operation. Even before a business can open their doors for the first time, they need to be sure they have filed all the appropriate paperwork and are following the standards and regulations set forth by their state.
They also need to be sure all tax and liability obligations are addressed. If there are employees, a business lawyer can also assist with employee issues including fair employee contracts, business disputes, insurance requirements, and wage and salary information.
If the structure of the company has already been determined, a business lawyer can assist with recommendations concerning the business structure. They can help to create a better plan which takes into consideration the size and type of the business, the complexity of time issues, while also being cost effective.
Business lawyers are trained, educated, and knowledgeable on all aspects concerning the legalities of owning and operating a business and can be the best tool to save time, money, and legal stress which could arise from miscommunication, misfiled documents, or missed regulations about the operation of a business.
Tony May Law is eager to answer any questions you may have concerning your new business and is ready to assist with any legal matters that exist or could exist.
Call, email, or fill out our contact form to get in touch.