Why Do Business Owners Hire Business Law Attorneys?

Business owners hire business law attorneys to prevent problems and protect their business. It is a function of smart business planning, just like marketing, sales and staffing. The sooner a business owner can hire a business law attorney, the more potential trouble can be avoided.

Once a business owner hires a business law attorney, specific subjects tend to demand the attorney's attention.

Planning Stage

Businesses must have a legal structure. That is why it makes sense to hire a business law attorney while you are still in the planning stage of your business. This is when an attorney will advise you on whether to register as a corporation, limited liability corporation (LLC) or business partnership.  (Please note, you should also consult your accountant when determining which business structure best fits your needs.)

Corporate Governance

To maintain corporation status, there are on-going legal requirements. A business law attorney will help with this process. There are meetings that must be held with shareholders and directors. Minutes must be recorded. Officers must be elected. All of this must be done according to state requirements.

Intellectual Property

A business might have assets that are intangible. These assets are known as intellectual property. Examples include the company's name, logo and brand names. All are entitled to copyright protection. Many designs and creations are eligible for trademark registration. Patents are issued to cover processes, methods and compositions.

Employment Arrangements

Speaking of intangible assets, many companies count the knowledge of their employees among their most valuable. These assets must be protected by non-disclosure and non-compete agreements.

Exit Strategies

A business can literally cease to operate if a principal of that business leaves. Buy-sell or buy-back agreements allow partners or major shareholders to sell their interest in the company without placing undue financial burden on it. These exit strategies help to avoid legal complications.

Do not let cost be a prohibitive factor when hiring a business law attorney. Invest in a business law attorney's time as you would invest in the time of any other consultant critical to your business. Schedule an appointment today with this office if you have any questions regarding the structure and operation of your business.