When Do You Really Need to Retain a Business Lawyer?
Just about everything in life has a timeline. Understandably, you may not be certain when you really need to retain a business lawyer. We’ll make it easy for you. You should search for an attorney with experience representing companies as soon as you are ready to set up shop. Seriously, it’s that important.
Of course, there’s also the question of whether retaining legal counsel is only limited to when you are starting your own venture. In most cases, the answer is no. The advantage of working with an experienced business lawyer is that you have someone to turn to with both simple and complicated matters.
Not sure about the benefits of a corporate counsel? Take a look at some key advantages.
Advantages of a Business Lawyer
Of course, there’s the obvious. As we alluded to in a prior article, there’s the chance that you could get yourself into trouble if you set up the wrong kind of business entity. Sure, you can search Google and find some forms and purported legal guidance.
However, an attorney with experience in business law truly understands the different types of set-ups available to business owners. A wrong decision can undoubtedly result in unnecessary headaches.
The need for experienced legal counsel can date back before you even decide to approach the idea of setting out on your own. What about intellectual property concerns? Have you thought about registering trademarks, patents or copywriting certain materials? Once again, a business lawyer with experience in intellectual properties can make sure you’re covered.
We’ve only touched on the preliminary needs for a business attorney. Here are some other considerations:
- You need to know about tax consequences. – No doubt your accountant will play a role in providing you with advice concerning your tax obligations. Nevertheless, legal counsel with corporate experience can also provide you with crucial information relative to your company.
- You need to understand employment law. – You might think it’s easy to set up payroll. However, if your company intends to hire employees, you need some legal knowledge. For starters, you should find out whether you should compensate your workers as independent contractors or company employees, You will also need to determine if you want to enter into employment agreements, and consider the feasibility of non-competes. Similarly, you can only benefit from legal advice about workers compensation claims and discrimination complaints.
- Your company may need help with commercial real estate transactions. – Whether your company is leasing office space or involved in real estate purchases/sales, an attorney can contribute to making the transactions
- You need to make sure your contracts are in order. – Like other states, Texas law has some specifications that are expected and accepted in contract law. An attorney will experience in business law can ensure your contracts are written to protect you and your company.
- You will need an attorney for all types of agreements. – The list of prospective business agreements is plentiful. Preliminarily, there are partnership agreements. However, depending on the size of your company, you may require shareholder agreements. And, deciding to sell a business would suggest a need for legal documents regarding the buy-sell.
- You should have legal counsel ready in case of a lawsuit. – Without question, no one wants to think of litigation. However, it’s a reality in doing business. It could be that you need a collections attorney. Or, you could be faced with a lawsuit or need to file one.
We’ve only provided you with some basic reasons that a business lawyer is crucial to all size companies. Undoubtedly, you may come up with some other ideas by firsthand experience.
At Manfred Sternberg and Associates, much of our practice is focused on business law. We serve as outside counsel to a number of companies and use our experience to put our clients at ease. Contact our Houston business lawyer today to see how we can help.