For anyone that runs a business, one of their greatest
fears is probably their business getting into legal problems. This is because
no matter how careful you are, there is always a possibility that one bad
decision could create a legal problem or being sued.
Getting involved in a lawsuit could potentially cost a business thousands of dollars. For small businesses, that are enough to business problems without worrying about legal problems. How can a small business protect itself from potential legal problems?
One way is to learn how to minimize corporate liability. The other, and the most relevant is to enlist the services of a corporate lawyer. A good business lawyer is one of the most essential assets a business needs to help you through these legal problems and lawsuits. The following article will discuss why and when you need a lawyer for your business.
Why Your Business Needs a Corporate Lawyer
The biggest reason why your business needs an attorney is due to the fact that there are hundreds of laws that any commercial operation needs to follow. Moreover, every industry has its own specific rules and regulations that need to be adhered to.
It is highly unlikely, therefore, that a typical business owner would be aware of all those laws. Additionally, apart from federal laws, your state, city, and county laws can overlap or contradict each other at times.
As such, business laws rarely stay constant. This continuous evolution, albeit in small and subtle ways, means that your business can get out of compliance suddenly even if you have not changed your operations. These changes are usually done to accommodate the ever-changing market environment and economy.
Any business owner will find it impossible to keep track of these changes and still handle their business. This is why a business lawyer is so essential. Their job is to keep up with the changes in the legal environment. This ensures that your business remains in compliance to avoid fines, penalties, or even imprisonment.
Situations When You Need a Business Lawyer
During the inception of a business, you will absolutely need the legal counsel of a corporate lawyer as you determine the kind of business you want and why. A new business can be a sole-proprietorship, a partnership or a corporation. Each of these types of businesses has a unique structure as well as inherent tax implications.
As a result, it is very prudent to have a business lawyer guiding you through this process. You actually need them before you submit the paperwork for
When looking to get into a partnership with someone, your only hope is that they will act in good faith while honoring their fiduciary duties to the business.
Typically, to ensure that both partners honor their obligations, savvy business people usually have a business lawyer draft a partnership agreement to be executed by both parties.
The purpose of the agreement is to distinctly
The importance of this agreement cannot be overstated since you do not want to enter into a partnership with someone, only to find out that they are a fraud who abandons ship when things get tough.
Without the agreement, if one partner acts dishonestly, the other is left with no other option but to pursue litigation options when looking to sue them. This is likely to be very expensive. A corporate lawyer assists in minimizing that event taking place.
It is not uncommon for employees to sue their employers and the organizations they work for when they feel that they have been harmed by the business
There are a host of other reasons which might make an employee feel frustrated enough to file a lawsuit against a business. One of the best ways of minimizing the possibility of an employee filing a lawsuit against you is through minimizing their level of dissatisfaction. This can be achieved by exercising proper performance management while inspiring leadership.
Nevertheless, no matter what you do, some employees may decide to sue. This is why it is necessary to have a corporate attorney by your side giving you proper advice on how to handle
Breach of contract
When working with third parties, breaches of contracts may occur at any time. A breach of contract refers to a situation where the third party or the business does not honor the terms of their agreement. The third party may deliver inferior products or fail to deliver at all, while the business may fail to pay as expected.
When this happens, the next step is usually to initiate a costly litigation process in court in an attempt to sue for damages.
The benefit of having a corporate lawyer is that they can deescalate the situation to ensure that that does not happen.
Moreover, if your business is the victim, they will do all they can to get the business to pay what is owed. If they do not, the lawyer will know how to handle the situation in court, so that you get paid or minimize your liability.
Today, most business operations that usually needed an expert are becoming replaced by software. For example, there are apps and bots that can do the job of an accountant with ease. However, there is no technology that can replace a lawyer.
By having a corporate attorney at your side, your
business will stay legally protected, so that you can minimize costly
If you are looking for a business law attorney in Seattle, the Peterson Law business law firm has partnered with numerous businesses in Seattle to ensure that their drive for profitability is not compromised by legal issues. Contact us today and we will determine the best solution for your business.