If your business is being sued, you likely already know the best course of action is to consult a business lawyer, but what about the less alarming circumstances surrounding your business dealings?
When starting a business, many entrepreneurs are often uncertain about whether they should obtain legal advice. A business owner might be able to manage the early phases of opening a business, but it’s crucial to speak with a business attorney to reduce risk and ensure you are compliant with all laws. Similarly, as you run your business or your business grows, new challenges arise for which may be wise to consult with a business lawyer.
What is Business Law?
Business law seeks that parties to a transaction or an agreement be protected and secured in their business dealings. While there are many different aspects of business law, seeking fairness and protection of the parties involved may be one of the most important purposes.
Contracts, transactions and disputes, intellectual property and data, labor law, and bankruptcies are just a few of the many areas covered by business law.
What Does a Business Lawyer Provide?
A business lawyer, also known as a commercial attorney or corporate attorney, can play a crucial role in business activities. A business lawyer may help with a variety of issues, including disputes, business transfers and sales, contract drafting and negotiation, intellectual property dealings, and much more. In addition, a business lawyer can assist in resolving conflicts with other companies or even employees.
When Might You Need a Business Lawyer?
Here are a few of the instances where you may need a business lawyer.
Buying or Selling a Business
Although starting a new business is a common reason individuals obtain a business lawyer, buying an existing company may be another occasion to seek legal guidance. In fact, in this case, the assistance of an experienced business lawyer would begin with the actual purchase agreement. Having a lawyer draft, review, and negotiate this important contract could avoid future frustration and financial risk.
When buying a business, even if you are familiar with the industry in which you are purchasing, financial records, zoning issues, licenses and permits, and company contracts may be complicated and challenging to understand. A business lawyer would be able to spot discrepancies and advise you in all these areas.
Starting a New Business
It can be intimidating and overwhelming to start a business. You will face immediate decisions such as if you should create an LLC or operate as a sole proprietor, if you should incorporate, what documents you must file to safeguard your company and your intellectual property, and more. These questions can all be addressed by a business lawyer.
Selling or Buying Business Assets
Similar to when you buy or sell a business, there a number of concerns when you acquire or sell any major asset. For example, real estate holdings, transportation and company vehicles, equipment, and supplies are just a few of the many assets that your business can require to operate effectively.
For any real estate acquisition or sale, as well as any other significant investment or element of buying or selling business assets, your business lawyer will guide you and may be able to significantly reduce your burden of risk.
Ending a partnership or otherwise altering the ownership structure of your business would also be an occasion in which an experienced business lawyer would be needed.
Other Business Functions
Business lawyers can assist you with many intricacies of your business including:
- Forming a corporation or other entity
- Maintaining your corporation
- Buy-sell agreements
- Selling of the business entity or assets of the business
- Dissolution of the business
- Drafting
- Review
- Negotiation
- Non-Competition Agreements and other employment issues
- Contractor, distributorship, employment, and other type of agreements
- Contract and various business disputes
- Intellectual property protection
Do You Need Assistance with Your Business?
Being a business owner entails both rewarding outcomes and difficult choices. To avoid potentially costly pitfalls, and to ensure that your business is operating in compliance with all applicable laws, it is important to seek legal advice.
If you need assistance with your business or have questions about any potential business law matter, our team of experienced attorneys is available to assist you. Contact Apfelbaum Law today for a consultation.
