Business Transaction Attorney - How They Can Help

Running your own business can be difficult. It gets even more difficult when you add in legal issues resulting from your business activities. Everyday you are entering into contracts with vendors, customers and other businesses. When one of these contracts goes bad, where do you turn? The answer is turning to a competent business transaction attorney. They specialize in helping businesses deal with writing contracts, breach of contract, the Uniform Commercial Code or “UCC” and more. A good business transaction attorney can be worth their weight in gold. In this article we will go over a few scenarios where you may find the services of a competent business transaction attorney necessary. 

As we spoke about earlier, everyday as business owners, we enter into contacts with other businesses, vendors, employees and customers. Each one of these contracts are governed by different laws. For instance, did you know that you will have two separate contracts for employees considered on salary and ones on commission. If an employee is on commission, that employee-employer relationship is governed by an independent contractor agreement. This agreement says that the employer can not require the employee to show up for work at a certain time, but the employee must be paid in excess of 90% of their compensation in salary. If there is ever a dispute with this employee, a strong independent contractor agreement can be very valuable. On the other hand if there is no agreement, or a weak agreement, you may need to hire a competent business transaction attorney to help you sort it out. 

Another situation where you may require the services of a business transaction attorney is when entering into an agreement with a customer. The best plan of action is to have a clear contract that lays out the guidelines to which each party must perform to make the contract valid. To do this correctly, a good attorney may be needed. The attorney is trained and licensed to perform this task, and could potentially save you huge headaches in the long run. In the event that you did not get a good business transaction attorney to assist you in drawing up a strong agreement, you may find yourself in the need of that attorney if a disagreement arises due to the relationship with your customer. In this case, you will spend a lot more defending a bad contract than you would have ever spent drawing up a good one from the beginning. Some business owners try to take the inexpensive way out only to get bitten on the back end when they get sues over unclear terms of a contract. 

A competent business transaction attorney can help on both ends of contracts. They can help you draw up the contract and help you defend it in the event a problem arises from the contract. Its best to spend the money in the beginning to protect yourself.