A business attorney can provide an entrepreneur with a variety of advantageous in a competitive market.
The life of an entrepreneur can seem like a trip on a roller coaster ride. There are the highs of developing a unique idea; getting a long awaited patent and watching a product succeed in the market. There are the lows of realizing a product is doomed or having to cut out a business partner or client.
Through this bumpy and at times tumultuous journey, there is one asset that every entrepreneur can benefit from: a business lawyer.
Benefits of a business lawyer
There are obvious benefits to having an attorney represent a business in matters of litigation. A suit can arise for discrimination based on a hiring or firing practices or a government agency could file a complaint that the business is in violation of a law or regulation. A business lawyer can advocate for the business' legal rights and better ensure a favorable outcome.
In addition to providing counsel in the event of a lawsuit, a business attorney can also help guide an entrepreneur through various situations that can arise in the business world, including:
- Incorporation. It is often wise for an entrepreneur to incorporate as a business entity. Whether choosing an LLC (limited liability company), LLP (limited liability partnership), C-corporation or other structure, these entities can provide protection that will help build the groundwork for long-term success. Choosing the correct entity for your endeavor will likely include a discussion of the benefits and risks associated with each structure, such as the extent of personal liability protection and any potential tax benefits.
- Paperwork. Contracts, contracts and more contracts. From contracts for employment, contracts with non-compete provisions to contracts with distributors; entrepreneurs will likely encounter a number of contracts. A business attorney can review these documents and tailor them to better ensure they reflect the interests of your business. This legal professional can also review your business plan and discuss any additional paperwork you may need, such as licenses or permits that may be required to legally operate in your state.
- Growth. Businesses can grow in many ways, including merger and acquisition deals. The likelihood of a profitable deal can be increased with due diligence. A business attorney can review the other company's standing and financial documents to increase the odds of a beneficial deal.
These benefits are advantageous to any entrepreneur. Entrepreneurs must also be aware of the fact that their business is governed by various laws and regulations. These laws often change, and an experienced business attorney can help keep your business appraised of any changes that may impact your interests.
Keywords: business law