A business attorney is a lawyer who is skilled in the areas of law that affect businesses. Business law encompasses many different areas of the law, but the most common areas of the law are contracts, intellectual property, corporate compliance, risk management, real estate, employment law, merger and acquisitions, insurance law, tax law, and litigation. An attorney with a comprehensive background in these areas of the law is a valuable asset to a business and can provide guidance in multiple areas. If you are about to purchase a business or already own a business, a business law attorney can help to protect your business and avoid unnecessary and costly mistakes.
When Should You Hire a Business Law Attorney?
Business law is actually more complex than it looks. While doing it yourself may appear to save you money, it will not save you money in the long run. Below are some scenarios in which a business attorney can offer helpful guidance and advice.
WHEN YOU START A NEW BUSINESS
There are many decisions that you need to make when you start a business, such as whether to incorporate as a corporation, a limited liability company or another legal entity. Choosing the wrong entity type for your business can be an expensive mistake. In addition to entity type you chose for your business, you must navigate and complete the correct licensing and permitting applications while following the applicable federal, state, and local laws and regulations. It is also important to not only obtain insurance for your business but to obtain the right coverage and limits.
PURCHASING AND SELLING A BUSINESS
When it comes to purchasing or selling a business there are many significant issues that must be considered and dealt with, which include complex laws and regulations that will apply to the merger and acquisition of your business. The assistance of a business law attorney can help you not only navigate these complex issues but help you structure the deal to minimize present and future legal issues.
If you need to create a contract with a third party, do not rely on internet forms as they are not always in compliance with the applicable requirements or include all the essential information needed for the contract. The main problem with online forms and templates is that they are not well written or thought out, as they are only general forms and do not address your specific situation. When it comes to your business and protecting the future of your business, you need an attorney who will take an already well-written agreement and alter it to meet the needs of your specific situation.
A business law attorney can also review your contracts with suppliers and third parties to decrease unnecessary risks and vulnerabilities to your business and increase your leverage over your suppliers and thirds parties if their actions cause harm to your business.
COMPLIANCE AND RISK MANAGEMENT ISSUES.
It can be burdensome for a business owner to learn all of the applicable local, state, and federal laws and regulations. As new laws and regulations are developed or the businesses expand into new markets, there are additional laws and regulations to consider. If you are thinking about expanding your business, an attorney can help you determine the legal risks and how to minimize any potential risks. A business law attorney can also help you with any compliance issues that you are currently facing or may encounter in the future.
LEASE, BUY OR SELL REAL ESTATE
If you are planning to lease your first building or leasing a different building, it is essential to have an attorney to look over the details of the lease to ensure that the lease does not have any language that is not fair to you and negotiate the best terms possible for said lease. Also, if you are planning to sell your current business property and buy new business property, you need an attorney to make sure the pitfalls are avoided and the transaction is completed correctly. There are many significant risks in this area of the law, making it important to do it correctly. Although real estate transactions present some challenges and delays, you will have the peace of mind that your interests are being protected.
RESOLVE CLAIMS AND ISSUES
If you get a letter or complaint from a disgruntled employee or customer, it is advisable to share it with a business law attorney. Even in workplaces that are structured to create a safe and supportive environment for its workers and patrons’ problems will arise. An attorney can identify the legal issues and advise you on how to best and most efficiently resolve said issue.
When someone disputes a contract with you, it is important to contact a lawyer as soon as possible. It is also important to contact a lawyer if you want to be the one to initiate a contract dispute. A lawyer can look over a contract and develop a case to bring forth the claim or develop a good defense if someone else brings a claim against you. In many cases, other parties are more willing to cooperate and work fairly when you have legal representation. For example, if a non-paying client learns that you may file a lawsuit over a breach of contract, the client may be more likely to cooperate. If correspondence is not enough to work out an agreement or collect a payment, an attorney can file a lawsuit if necessary.
Business Law Assistance in Mercer Island
If you are facing a business law issue and are located in Mercer Island or the Seattle area, be sure to give me a call. Since 2002, I have been providing a comprehensive range of business-related legal services such as help with contracts, intellectual property law, insurance, mergers and acquisitions, corporate compliance, real estate, risk management, tax law, employment law, and civil litigation. To learn more about how I can help your business, please call me at 206.498.3354, or I can be reached through my website located at brynpetersonlaw.com.