Having a competent business lawyer at the ready for your company is a crucial part of a successful team. Running a business has never been more challe...
Having a competent business lawyer at the ready for your company is a crucial part of a successful team. Running a business has never been more challenging. Today’s economic landscape is more competitive than ever and has made it imperative to dot your i’s and cross your t’s legally. Contracts,
taxes, patents, employee issues, and startup legalities are complicated and must be done precisely in order to keep a company on top of regulations. How can a business owner create a high quality service or product and maintain a smooth running operation without the guidance of a seasoned attorney? Here are some things to think about regarding the legal expertise that may be needed:
Contracts: Contracts contain lots of fine print, and before a businessperson signs his or her name on the dotted line, he or she must understand the ramifications of the document. There may be loopholes or problems with the way it’s written that must be remedied before a signature is attached to it. Having a savvy attorney write or review contracts will make a huge difference.
Taxes: The taxes of a company are very complicated indeed, much more so than personal taxation. Payroll, quarterly, annual, sales and other taxes all must be completed accurately and paid promptly in order to be in compliance with governmental and IRS regulations.
Patents: When a business invents a new product, it must be patented to keep others from infringing on copyright issues. If using someone else’s design, a manager must ascertain patent rights to be within legal guidelines.
Employees: Workers are the lifeblood of the organization. They give their energy to the company. They are the face of the organization. Hiring the right employees will make a huge difference in the success of the company. In order for everything to run smoothly, their paperwork must be in order. Regulations regarding I-9’s, social security documents, workers’ compensation insurance, immigration and much more must be adhered to, to the letter. Difficulties can create havoc within the company. Firings, layoffs, employee rights and more will require a knowledgeable business lawyer.
Startups: Starting a company is a complex procedure. Will it be a corporation, sole proprietorship, joint venture, or partnership? Whatever the format, it must be set up legally. Specific forms, records, boards and documents must be put into place in order to comply with business rules and regulations. Individuals that decide to form partnerships must have documents in place to protect all individuals. Before the new venture even takes off, business plans must be drafted, finances gathered and leases for equipment and office space signed for.
Running a company takes grit and perseverance. It also takes a solid team of professionals supporting its foundation. One important member of that team is a business lawyer. Without a competent legal professional on your side, it’s like walking a tightrope without a net.
