Uncertainty is an inherent part of life. It is unavoidable that a business will need the help of an expert attorney at some point. This situation can happen when the company is still the formation process or during its operations. Sometimes, a business will need an attorney even when it is closing the doors. Regardless, being assisted by an expert attorney can help to prevent or solve any issues regarding a company.
In this article, you will discover when to hire a business attorney and why you will need one at some point in your business’s existence.
An Attorney Can Help You Buying or Selling a Business
Buying or selling a business is a complex task for anyone, especially in a disputed market like Florida. Usually, these types of transactions hold a lot of money at stake, which means every missed detail may be expensive. A business attorney can help you throughout both procedures. Also, a seasoned lawyer will help to conduct all due diligence to ensure a fair deal for both sides.
An attorney may help the seller by disclosing hidden defects and liabilities, organizing documentation to support the valuation of the business, collecting all necessary records (financial, legal, etc.), and resolving liens or outstanding obligations that may affect the business’ value.
On the other hand, buyers can benefit a lot from the assistance of an attorney as well. An attorney may help by reviewing the company’s records and documents, coordinating actions with an accountant for a financial review, collecting undisclosed information, obtaining lists of the company’s assets, and checking for legal issues that may lead to litigation.
An Attorney Can Help In the Establishment of a Business
Opening a business is not an easy task. Besides all the legal requirements, entrepreneurs also have to face potential conflicts to organize business partners, employees, suppliers, marketing, etc.
Besides, there is a constant necessity of getting clients to keep the company’s activities going. Hence, a DYI approach in this phase may lead to a stressful and overwhelming experience in some cases.
It is a good idea to rely on a business attorney when establishing a business. This legal support will be responsible for several tasks, such as determining the appropriate business entity for your needs, drafting articles of organization, registering the business with the state, obtaining tax ID information, etc.
An Attorney Will Help You Signing Contracts
Business owners are always dealing with various types of contracts, which include contracts with suppliers or customers, employment contract agreements, insurance contracts, purchase agreements, and many others.
An attorney will review all clauses contained in contracts, to help you understand any risks and liabilities involved in any process. Besides, an expert attorney will negotiate on your behalf to get favorable terms.
An Attorney Can Help Protecting Your Intellectual Property
A reliable attorney can help you to protect your intellectual property, which includes filing for a patent, trademark, or copyright. Besides, an attorney can suggest methods to guard your intellectual property safely, which includes using nondisclosure agreements.
Unlike many people may think, intellectual property includes several other types of unique internal processes for a business, such as:
- Trade secrets
- Secret recipes
- Sales methods
- Training procedures.
An Attorney Will Help You Establish Employment Procedures
Despite the existence of single-member companies, most businesses have employees. In this case, hiring a reliable attorney is fundamental to ensure business compliance with all state and federal employment laws.
Noncompliance with any employment laws at the state or federal level certainly will lead the owner to face unexpected issues.
An Attorney Will Ensure Your Compliance with Regulations
Several state and federal laws regulate distinct types of businesses. Being assisted by an attorney will help you understand the laws that apply to your company and establish the required procedures to ensure compliance.
An Attorney Will Contribute by Addressing Business Disputes
Undoubtedly, any business litigation will require you to be assisted by an expert attorney. Such situations include partnership or shareholder disputes, contract disputes, personal injury, employment disputes, property disputes, and intellectual property infringement.
In case you need to enforce your rights, your attorney will advise you and present you with the available options. You will be guided throughout the process of litigation, including filing, discovery, negotiation, and court appearances.
An Attorney Can Help Dissolving a Business Smoothly
Unlike many people may think, dissolving a business is not so easy as closing the doors and walking away. There are several requirements and responsibilities involved in this process. Hence, failing to fulfill any of the essential steps will result in liability.
In this case, an attorney will help to facilitate the process, overseeing several aspects such as:
- Notifying creditors.
- Terminating leases and other contracts.
- Paying outstanding debts (including payroll, sales, income, and other types of taxes).
- Settling ongoing obligations.
- Filing tax returns.
This list is not exhaustive, given that dissolving a business is a complex process. Also, an attorney is essential in cases where the business is insolvent, helping to negotiate with creditors and filing for bankruptcy, if necessary.
Get Help With a Business Attorney Now
As it is plain to see, to be assisted by a business lawyer is like creating a business strategy or buying insurance.