As a business owner, you are legally responsible for the proceedings of your company, including all legal aspects. And while many business owners may have a general understanding of business law, there are many unexpected legal aspects to running a business. While it’s easy to think that a business attorney’s expenses are a bit extreme, this type of service is essential to ensuring that your business is run safely and legally.
What a Business Attorney Can Do for Your Business
Small business owners often dream of watching their business grow. A relatively small business may be able to get by without an attorney on-retainer, but as the business grows, obtaining one becomes more important. Here are some of the services a business attorney can provide to you and your company.
Help You Choose the Correct Business Type
When you officially start your business, you will have to select a business structure, of which there are five to choose from. They are as follows: sole proprietorship, partnership, corporation, S corporation, and Limited Liability Corporation (LLC). The type of business structure you choose to register with will depend upon the services and products you offer, as well as your current and future plans for your business.
At this point, having a business attorney on retainer can be extremely beneficial. They are well versed in what type of business registration will most benefit your business. Additionally, if you have questions during the registration process, they’ll be able to guide you.
Avoid Employee Lawsuits
As your business grows and you hire more employees, there is always a chance of employee lawsuits. In most cases, employees will sue employers for issues regarding an injury or wrongful termination. Without a business attorney, employers may find it hard to represent themselves.
Business attorneys, such as the ones at wh Law, are well versed in creating employee contracts that outline reasons for termination. They also understand the grounds upon which an employer can fire an employee, which will protect businesses from lawsuits regarding wrongful termination.
Protecting Intellectual Property
If you’ve never had someone steal an idea from you, it may be hard to understand why many businesses are concerned with intellectual property (IP). IP can be many different things including inventions, literary or artistic works, designs, symbols, names, or images.
For example, if you create a logo specifically designed for your business, then you’ll want to be able to market it as yours exclusively. Business attorneys, when it comes to IP, can often assist in obtaining copyrights and patents so that your logo does not get replicated or stolen by anybody else.
Draft and Review Contracts
When a business begins to grow, there are a variety of contracts involved. Properly drawing these contracts ensures that both businesses and representatives are protected from harm in a variety of ways. These contracts are viewed as formal agreements and can be essential to refer to in case anything unexpected comes up. Having a business attorney will help you create contracts that protect your business effectively and ensure a strong future for your company.
Ensure Compliance with State and Federal Laws
Running a business on a large scale requires cooperation with local and federal laws. This includes properly paying overtime wages, employee compensation packages, and other labor laws laid out by state and federal governments. It’s important that businesses follow these laws as they may otherwise be sued, fined, or forced to close their doors permanently. Business attorneys are well-versed in these laws and are able to advise business owners of corrections they need to make to abide by the law.
Advice on Mergers and Acquisitions
When businesses grow, they may merge or acquire other companies in a similar field. This can lead to issues if they do not have a business attorney. Mergers and acquisitions often come with a set of terms and requirements. In such cases, attorneys will to ensure that the negotiations that take place are fair, legal, and formally agreed upon.
Business Succession Planning
Finally, a business attorney will be able to help owners plan for succession. This is important as ownership of a business may change hands from time to time, and with those changes, negotiations and contracts often take place. Attorneys will be able to advise as to the legality and ethics of these contracts and provide insight from a legal standpoint on these issues.
Starting your own business can be the experience of a lifetime, but without an on-retainer attorney, your business venture could quickly turn into a headache rather than a success. The good news is, though, that business attorneys are always available to provide employers with the legal coverages they need in order to thrive as they grow and hire more employees.
Of course, having an attorney on retainer may be somewhat expensive—but the cost is definitely worth it. Whether you are having legal issues, or you just want a contract drawn up, having a professional that is well-versed in business law allows for smooth sailing during everyday business operations.