For business, a lawyer is just as important as an accountant. While the reasons to hire an accountant are obvious, the need for a business lawyer shouldn’t just arise when there is a problem.
Involving a business attorney early in the process will help you take your business off the ground and also protect it against any potential threats.
Let’s look at some ways in which a business lawyer can help your business-
A business formation attorney will handle matters that form the pillars of a business structure. Are you starting a small business and want limited liability? A business attorney will take care of that.
From operating agreements to modifications of partnerships, a business attorney will make sure that the incorporation goes smoothly.
Understanding contracts and judging their fairness requires a level of expertise and knowledge. A lawyer will help you prepare contracts and also go over contracts with customers, suppliers and employees.
Corporate governance is essential to maintain the corporation status and the interest of the shareholders. Certain businesses are required by law to conduct meetings, record minutes and elect officials.
This is why a business lawyer is helpful beyond the incorporation process. A business lawyer can advise its clients to conduct annual shareholders and partners meetings, record minutes and elect officers as per state’s requirement.
Failure to do so can lead to piercing of the corporate veil, which can expose corporate officers to personal liability.
A business lawyer can help you secure favourable real estate for your business. Lease agreements are often drafted for the benefit of the landlord. Business attorney can negotiate agreements on your behalf so that they benefit you as well.
Managing and legally protecting intangible assets is important, especially if your business is in the creative industry. A business lawyer can help you protect your company’s name, logo, distinctive goods and services, software, designs and other goods that are subjected to copyright protection and trademark registration.
By trademarking and copywriting your intellectual property, your business can gain an advantage over your competitors.
Employees are one of the most important assets of a company. Business attorneys can assist you by drafting employment contracts. From non-disclosure agreements to non-compete agreements, business attorneys also draft contracts that will protect your business when your employees leave.
In case of an accident, a business lawyers will represent your company in a workers’ compensation lawsuit. Additionally, they should be well-versed with certain state laws such as Louisiana workers compensation law to make a compelling argument.
Though the accountant is responsible for preparing and filing tax returns, a lawyer should register the business for federal and state tax identification numbers.
A false claim can completely tarnish the goodwill of your company. A lawyer can help you fight these defamation claims and restore your company’s reputation.
As the business grows, so does the clientele. A business lawyer can help you draft client agreements that will prevent any misunderstandings and establish a long-term working relationship.
Just as a business lawyer can make the incorporation easier, they can also help with ending the business. If a major shareholder or partner exits the business, a lawyer can help formulate policies for ending the operations.
A great idea can start a business but doesn’t promise a long and smooth run. A lawyer familiar with the legal know-how can handle the legal complications, while you can focus on the fundamental operations and make your business successful.