Commercial law plays a part in every stage of your business: from formation and contracts to taxes and litigation. Both new and established businesses can benefit from contracting a commercial lawyer. Waiting until the need for one arises can cost your company more in the end.
A business attorney can work with you and your company on a variety of needs such as preventing possible lawsuits, to correcting unbalanced contracts, and even protecting your corporation’s intellectual property and providing guidance with tax law. Having a corporate lawyer on your side can save you money in the end, while the waiting game can end up costing you and your company both money and time.
Here are five reasons why you should hire a corporate lawyer sooner rather than later:
1. A Business Attorney is great at solving problems, but also knowledgeable in preventing problems from happening.
Corporate attorneys can ensure that any written agreements you sign protect your company’s interests. They can also provide you with a checklist to make sure that all of your legal documents are in place. These include documents such as an employee handbook or an operating agreement for example.
In addition, they can help you establish policies that reduce the risk of employee lawsuits. They can advise you in writing employee contracts to make sure an employee can’t sue you for termination when they’re not performing well. In addition, they can make sure you have the proper documentation in place when the need for terminating an employee arises.
Business lawyers can also help create an asset protection plan to protect your business property against creditor claims and lawsuits. Preventing problems before they arise helps keeps you and your business safe.
2. A Business Attorney can help you navigate state laws whether in your current state or if expanding to a new state.
For franchisers and franchisees in Florida, a business lawyer can help you understand the legal protection offered from the state. They can also assist with franchise state registration, as well as navigating all the investments each party must make such as how much advertising is provided, as well as the franchise rights for the franchisee.
Another example of how a business attorney can help you navigate state laws, is by working with your company in developing a benefits program for employees across various states. They can assist you with understanding and complying with laws regarding healthcare coverage for employees.
3. A Business Attorney helps provide clear guidance on adding (and subtracting) partners.
Business lawyers can work with you when setting up a business with multiple owners to ensure that the ownership split represents the needs of all parties. In addition, they can set up pro-visions for when one of the co-founders leaves or passes away, or for when you want to sell the business. Similarly, as your company grows, a business attorney will help you navigate the mergers or acquisitions.
4. A Business Attorney protects your intellectual property.
Business attorneys can work with you when registering your patent, copyright, or trademark. For some, this can be a confusing and lengthy processes, and having someone who knows the ins and outs of the process can not only make it a smoother transition, but a less time consuming one. They can also help set up confidentiality agreements or NDAs to make sure your companies’ trade secrets are protected.
5. A Business Attorney can help you navigate the daunting taxes.
You don’t only need an accountant to help you with taxes, a lawyer may also be a good idea to have on your team. The attorney can help you gain tax advantages for your business, and make sure your business doesn’t get into tax evasion with the proper protocols in place.
In the event that your corporation should have an audit or be behind on taxes, a corporate tax attorney will represent the business through the audit, litigation, and settlement. They can also appeal a tax decision on behalf of the company if the need arises.
Without a business attorney on your side, your company can be losing money. Whether it’s from a poorly written contract that will end up costing the company time and assets or not having a process in place to terminate an employee, thus costing you money on an underperforming employee. When it comes to partnerships, mergers, taxes, and intellectual property, a corporate attorney will make sure that your assets and ideas are protected and that your corporation is filing correctly.
As these points illustrate, not hiring a business attorney today can cost you even more money and time in the future. Get the help your business needs, and call or email the attorneys at TLF today.