Running a business successfully goes beyond only selling products or services and reaching new markets. There is a lot more involved when it comes to operational processes. You have accounts to manage, campaigns to run, taxes to pay, and human resources to deal with. It is easy to overlook legal aspects in the middle of everything, but these are as important as anything else. Although you may not have to face legal issues often, they can be more disruptive than any other operational challenge.
Stakes run high when your company encounters lawsuits, as you may lose financially and experience reputational damage as well. It makes sense to stay one step ahead and avoid them in the first place. Moreover, you need to have a proper legal strategy in place if they do happen at any point. Having a business lawyer on board is, therefore, crucial. Let us dig deeper and explain why you need to retain an expert as a part of your team.
Choosing the apt corporate structure
If you think that you should save up on the cost of hiring an attorney at the startup stage, it is the worst mistake you can make. It is the time when you will need a legal expert the most because they can help you with choosing an apt business structure. The choice matters for new ventures because not structuring properly from the get-go can cause unnecessary legal issues later. For example, partnerships and sole proprietorships are not great because they open business owners to corporate liability. The lawyer will probably recommend an LLC or S and C corporation based on your circumstances. They can also guide you about setup costs, tax obligations, and employee inquiries so you can choose the best business structure easily.
Drafting business contracts
Whether you are just starting up or have been around, your business will have to enter contracts with employees, vendors, and customers from time to time. It is best to get these contracts reviewed by a business attorney to make sure that these are drafted property. Every contract must have proper legal language and clauses to ensure that there are no disputes or liabilities if things do not work out later. It may be tempting to skip legal services for this purpose, but you may end up in a big fix.
Handling injury lawsuits
Organizations of all types are likely to come across injury lawsuits at some point. For example, a customer may get injured on-premises or due to defective products. Employees may have accidents at work or while driving company vehicles. Things can get worse if a company vehicle accident involves a third-party victim. There are car accident attorneys offering free case evaluations, and victims can take their help to file lawsuits for massive compensation claims against your company. In any case, you will need a lawyer to defend your company against such lawsuits. Timely intervention can help you strengthen your defense in the court and even save trouble by working out a settlement.
Protecting intellectual property
You may pay less attention to your intellectual property, but it matters as much as any other asset that your company owns. Essentially, intellectual property refers to company logos, trade secrets, product designs, inventions, original works, and business services that give you a competitive advantage in the market. You can protect the property by filing a patent, copyright or trademark. It is a complex legal process that can be handled only by a patent attorney. So having one in your team gives you the peace of mind that they will manage the process properly.
Handling real-estate leases and agreements
Unless you operate from home or your own property, you will have to set up in a commercial space. It could be an office building, a plant, or a warehouse. Whether you purchase or lease a commercial space, there will be agreements to review. A competent business attorney can handle the responsibility of reviewing all fine print on these real-estate contracts, agreements, and terms. Although the task sounds simple, it is best left to experts who understand the legal loopholes.
Having a corporate lawyer on board is vital, regardless of the size and scale of your business. It is a proactive measure that keeps your company safe because these professionals can help you steer clear of lawsuits in the first place.