Whether you run a small business or a big multinational firm, you would need a lawyer for specific tasks. Some complex procedures and laws govern how a business should be run. An ordinary businessman might not get through these hurdles. It may lead to you losing the company’s market credibility on the legal front.
You can smartly avoid any problems by making sure that you work with an attorney early in the process of setting up your business. Here are four reasons why you should hire a lawyer for your business:
- Corporate Governance
Every company has to get into a contract or buy/rent a property, file their taxes, or procure licenses to operate smoothly. A business lawyer can handle all these tasks for you. They can frame the contracts and guide you with the negotiations to be made before entering into a contract. They can file your taxes and procure a license for you.
It is a common practice to hire a lawyer only when needed. This practice can delay your operations. Sometimes may even jeopardize your company’s corporate status. Keeping an attorney handy can help you to accomplish these tasks at the earliest.
- Intellectual Property
Something tangible as the company’s logo, trademarks, patented technologies and processes are all intellectual properties of a company. Your lawyer can help you keep all these secure for your company. They can file your copyright claim over any tangible property. It would give you an edge over your competitors.
Moreover, you should understand what are your legal rights if someone tries to copy or steal your intellectual properties. A good lawyer can tell you the details of all of your properties that need to be your sole identity. For example, Head n Shoulders (the anti-dandruff shampoo)- its logo, its package, design, its formulation and anything that can differentiate it from the rest of the similar products in the market are all protected by law. Anyone who tries to replicate these without the parent company’s consent is liable to face a lawsuit.
- Employment Agreements
Another way in which a business lawyer can help your company is by drafting your employee agreements. There is a set structural format that is to be followed whenever legal documents are concerned.
A lawyer can help you with these simple drafts. There’s more to how they can help you with your employment agreements. They can draft your policy, and protect your company against any felony charges and false claims made by your employees. An example of such an agreement is a non-disclosure agreement.
It can protect your company’s assets from disclosure to any unconcerned person or competitor. Another such agreement is a non-compete agreement. It can similarly protect your trade secrets as that of a non-disclosure agreement. The only difference being that the former prevents disclosure whereas the latter protects against replication.
- Exit Strategies
There can be instances when a major shareholder or a member on the company’s board, may call for a sudden quit. It might jeopardize the company’s operations. To avoid matters like these, having a lawyer by your side can help you decide the company’s incorporation.
Your company can be incorporated as limited, private limited, chartered or any other form. Closely held businesses need to have agreements such as buy-back, for cases where a partner may call off suddenly.
If you are convinced about getting a lawyer for your company for their crucial contribution to the operations of your company, then you may need to know what to look for in a lawyer while hiring one. You can start by contacting the bar association of your state. They can provide you with the list of lawyers who practice company laws.
You can start exploring their records, check on with the references, dig through their client feedbacks. Make sure you trust the lawyer you choose. You need to be working closely with your lawyer whenever you endeavor a new strategy or product.
You can also check the internet for the prospective lawyers that you shortlist. Consult a few in person before making up your mind. You need a good lawyer, if not the best, to keep you at bay from any troubles or legal lawsuits.
Do not wait for the court to send you the summons, because it may be too late for you to hire a lawyer. A good handy lawyer can give you all the possible options for doing the needful. So, get a lawyer today regardless of whether you are a big firm or a small enterprise. Sooner or later you are going to need one.