Why you shouldn’t wait for a lawsuit to hire a business lawyer – and four reasons why you should hire their expertise
The premise that lawyers are both your best defense and offense in a lawsuit is not unfounded. However, it’s also the biggest misconception about the profession.
Why? Because, while it’s true that lawyers are incredibly skilled at solving problems, they are even better at preventing problems from happening.
And while we appreciate that their services are often expensive, these are best put to use outside of a business lawsuit. Their expertise has more value for your money when used to build a business rather than to save a business. Here’s why.
The main premise
Hiring a lawyer helps you secure optimal conditions for the growth of your business. This is especially true for the tasks that require the assistance of a lawyer in order to for you to perform them properly.
On one hand, you’re able to prevent problems and on the other, you’re able to position your business in such a way that its growth will not be hindered, or at the very least, it will only be hindered minimally.
What tasks require the help of a lawyer?
As a general rule, if it involves the law and other business entities, you need to defer to your lawyer. However, if these are tasks involved with running your business, then it’s your task to perform. Here are four areas that t may be wise to let your lawyer help you with.
1) State Laws
When you’re conducting business in a new state, or you’re doing business for the first time, you need someone who’s completely familiar with the laws of your state.
This allows you to operate free of any would-be problems later on and also allows you to set up provisions that would later help you should you need them.
2) Partnership agreements
The most important aspect in partnership is when you have to set up provisions for when one of the co-founders eventually leaves.
This ensures that the founder leaves the partnership on good terms and it also ensures that the ownership split is fair and agreeable to all parties.
3) Intellectual property protection
While you don’t necessarily need a corporate lawyerto help you register your patent, copyright, or trademark, you do need a lawyer to enforce these tools to protect your intellectual property. This is especially important because this information is so easily accessed these days thanks to the internet.
Another important aspect of business security comes in the form of protecting your trade secrets. This usually comes in the form of a confidentiality agreement, which is meant to specifically prohibit any misuse of confidential information.
Many businesses get in trouble due to tax evasion. Preventing such a scenario is not the extent of what a business lawyer can do for your business. By working with a business lawyer you can also gain tax advantages (when applicable).
Photo by Leon Seibert