For many small businesses, hiring a corporate lawyer may seem like an unnecessary expense. With no presence of a lawsuit, what is the need in having one? Hiring a corporate lawyer may actually be one of the best decisions a small business can make.
Having a corporate attorney to navigate through the legal processes of your industry to achieve your needs can affect the success of your company. The repercussions and consequences of a missed step in a process can slow your company’s potential growth and future successes. While there are certainly many areas and issues you can handle on your own, like applying for your employer identification number (EIN), there are many where it’s best to have a legal professional with knowledge of the ins and outs of your industry.
You can avoid and prevent problems from happening with a corporate attorney’s assistance. A corporate attorney can point you in the best direction to organize your business whether that’s through an LLC or some corporate form. More importantly, your corporate attorney can draft your corporate documents, such as your LLC operating agreement, corporate shareholder agreement, and/or bylaws, so that the specific needs of your company are met. Your investors will be glad to know that their interests are protected with the guidance of a corporate attorney. A lawyer will be able to identify potential future issues in policies and procedures that can be corrected before they turn into legal problems, like hiring tendencies or tax issues.
If you have legal exposure, you should have had a lawyer as soon as possible and before any suit is filed. This time is critical and provided the best opportunity for your business to avoid protracted and costy litigation. Once litigation is in the court system, the only question that remains is, how much will you pay? You need a lawyer manage your legal issues from cradle to grave in order to minimize their overall financial impact on your business. If you are being taken to court, your business needs someone who can best organize its defense in court.
When selling your business, a corporate attorney handles the entire process so that your interests are protected. Your attorney will handle the correct exchange of information between parties so that both sides will be able to enter discussions. Once discussions begin, any important matters will be brought to the table by your attorney. Having an attorney in settlement negotiations often ends up leading to a better deal for everyone involved. Once issues are settled and negotiations have been made, your attorney can draw up the contracts and will handle the signing, making sure all the paperwork is taken care of.
Knowing your contracts and agreements are drawn up correctly is easily one of the biggest benefits of hiring a corporate attorney. Too often are non-legal professionals mistaken that their documents are legally binding when a small detail has been missed or overlooked. Your corporate attorney will ensure the document is legally binding and drawn up by someone who knows how to file it correctly. Your lawyer can go over past contracts for review and renegotiation. Hiring an attorney will reduce the risk of major legal problems from bad contracts in the future as well.
A lawyer well-versed in your business uses creative problem-solving skills to improve your business within the structure of the law. A corporate attorney can help you adjust your business in ways you didn’t know how without a legal perspective. You can receive advice on how to restructure your business to benefit investors, find tax considerations to avoid or implement or how to best protect your intellectual property.
Hiring a corporate attorney can benefit your business in many ways. Your business and its investors need someone with legal expertise and a familiarity with your industry fighting for its needs and your goals. The Law Office of Jeffrey R. Sport will be glad to discuss with you how we can best address your corporate needs within the structure of the law. Call us today at 251-308-1001 to schedule an appointment for your consultation.