You are an entrepreneur, right?
I am sure you have wondered if you need a lawyer for your business. It’s common for most entrepreneurs to often want to handle their business law issues all by themselves.
Entrepreneurs are intelligent problem solvers, who most of the time accomplish so much on their own. However, as an entrepreneur, you need to be a careful planner. Most business people use lawyers akin a doctor, plumber, or firefighter, only when there is a problem that needs resolving.
Lawyers are paramount in business, whether small or big and especially for new businesses. The needs that come up such as sales, marketing, and staffing or even just getting the business running can a lot of times take priority over legal issues, especially the ones that do not necessarily seem like an immediate concern to the entrepreneur.
However, to be a brilliant entrepreneur means you are a smart business planner that includes prevention of risks. This means ensuring that your business is protected from potential trouble.
So what is business law?
Business law is broad and can cover a wide range of legal topics that include;
- Security Law
- Antitrust Law
- Bankruptcy Law
- Commercial Law
- Corporate Law
- Intellectual Property Law
Do I need a lawyer to start my business?
Having an attorney to guide you through the first steps of starting a business will at the end of the day ensure that your company can meet all the required federal and state laws that govern the formation of a business in the country.
Any entrepreneur will tell you for free that starting a business can be a very complicated affair legally. This is because you will need to make sure that everything right from the start is legally correct. Consulting with an experienced business lawyer will definitely help you ease the process.
What role will the business lawyer play in my business?
The potential attorney will ensure that your business strictly complies with all the rules and regulations, both federal and state laws that govern the formation of the particular business in the United States and even abroad.
The lawyers are also responsible for handling the business transactions that routinely require that the business submits some particular forms or legal documents. Your attorney will make sure that the documents that you are presenting adhere to every legal requirement and are able to protect your businesses rights.
The following are key areas that a business attorney can assist:
While most of the businesses often use a lawyer to help in the processes of incorporation, sometimes, new businesses may decide to neglect the on-going legal requirements that enable them to maintain their corporation status.
Nonetheless, annual shareholder, partner and director meeting need to held, and the recording of the minutes and election of the officers must comply with the requirements of the state. In case your business fails to do this, it could jeopardize the corporate status, exposing the corporate offices to personal liability or other legal pitfalls.
In a business, many of the intangible assets of the business should be legally protected. The businesses logo, brand and distinctive goods should be copyright protected. Things like patents are always thought to only protect machinery, but they can also be used to protect processes, and methods.The copyright, trademark and the patent registrations can help in the protection of a businesses assets giving it a competitive advantage.
A lot of companies, and especially technology companies count the knowledge of their employees as part of their important assets. However, in many cases they usually fail to protect those assets with non-disclosure and non-compete agreements with the same employees.
In the end, some of the employees leave the company or business with its vital secrets that can easily be handed over to the competition. A good lawyer, will get this aspect of the business covered.
Most entrepreneurs are usually too focused on starting their potential businesses that they forget the risks of what might happen if the principal leaves the business. Or rather when a major shareholder or a partner decides to suddenly exit.
This move can critically damage the businesses ability to function properly. Therefore with the help of a lawyer, you can formulate buy-sell agreements and buy-back agreements to ensure that all the partners can be able to sell their interests without leading to legal entanglements.
Lastly, attorney costs, good lawyers are never cheap, but then again neither is any other consultant critical to your business needs. Having a brief consultation with an attorney to assist you with your businesses legal needs can come in handy in the prevention of major problems in the future.
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