6 Ways a Business Lawyer Can Contribute to Business Growth
Applying the law to the business world is known as business or corporate law. Both are constantly completely intertwined. Due to this, you should, as a business owner, prepare to collaborate closely with a business attorney, throughout your enterprise, starting at the very beginning.
Corporate governance documents describe, govern and constrain the activity of the business owners. Business lawyers, such as those at Sunder Legal “set the rules” and tell everyone involved how things should go and what should happen when a particular occasion arises. They are unique to each business. You should have these documents if your company has two or more owners/shareholders/partners.
Advises and Assists You in Avoiding Potential Problems
A lawyer is also known as an “attorney and counselor-at-law,” as they apply the law and advises clients on it. During a company’s growth, a business lawyer will be extremely beneficial in providing advice on various legal issues to deal with problems as they arise or, better yet, prevent them from occurring in the first place.
Contracts are probably where you’ll need the most regular assistance from an attorney. As a business owner, you should have a lawyer familiar with your industry draft your contracts and review contracts before signing them.
By collaborating on a succession plan, all partners can decide what will happen to the business if one of them retires or departs. Planning for a partner’s succession typically begins when they consider retiring.
Represents You in a Lawsuit
The goal is to lessen the likelihood that you will ever be involved in a lawsuit by working with a lawyer in the four situations above. All parties engage in costly, drawn-out, and stressful litigation. You can avoid the landmines that could destroy your company by being proactive and working with a business attorney.
Provides Solutions for Employment Issues
There is a difference between business law and employment law. Business law is involved when issues like unethical behavior and breach of contract arise. Contrarily, employment law covers a wider range of topics, including workplace discrimination and safety risks.
Business attorneys offer similar assistance in drafting and comprehending employment contracts as they do with B2B and B2C agreements. Although they mainly manage contracts for regular employees, doing the same for irregular employees isn’t dissimilar. Hiring an intern on a volunteer basis shouldn’t be decided upon without consulting a business attorney.
A company must choose whether it should be a sole proprietorship, partnership, corporation, or limited liability company before embarking on a new venture or making significant changes to an existing one. Of course, everyone has advantages and disadvantages, and a company might not fulfill the requirements to be what it chooses to be.
The best corporate structure can be evaluated and recommended by business lawyers, particularly if the company declares bankruptcy. In addition, they can assist in creating a business restructuring plan, guaranteeing a seamless transition and payment to creditors. Including businesses and lawyers is important because the court is also involved in developing this plan.
Filing a Patent
The application and approval processes for patents are protracted and take years. Additionally, they cost a lot of money. A patent might occasionally not offer you or your company any real benefits. Your product will be assessed by a business attorney who will also assist you in deciding whether or not a patent is advantageous.