A business attorney will help and advise you on various aspects related to business, such as regulatory compliance, business combinations and legal liability. The sooner you use a business attorney, the better. Your attorney will make sure you run your business properly, make contracts for you, make sure you hire legal workers, file patents, buy and sell businesses, and much more.
What Do Business Lawyers Do?
Many business owners, especially small business owners, think about contacting a lawyer or law firm only if there is an urgent problem that needs to be addressed. This approach can seem superficial and short. Establishing a relationship with a business attorney you trust can help prevent problems that may arise as your business grows and / or if new legal issues arise in the future.
Select Legal Structure / Company Form
You may be tempted to set up your business as a simple sole proprietorship. For some business owners, this choice may make sense. However, every situation is different, and your interests may be better served with an LLC (limited liability company) or a PT (limited liability company). If you are starting a business with other people, you should know the difference between a limited liability company and other forms of legal entity. If you are planning to form a future incorporation or remain an LLC / PT, there are also questions to ask. A business attorney can advise you on the right structure for you and put together the right paperwork.
GCG – Corporate Governance
If you organize your business as a corporation, you must comply with applicable legal requirements or provisions to maintain your status, such as holding shareholder meetings, keeping minutes, making regulations, and the like. An attorney can keep you up-to-date with required functions, fees and policies.
Intellectual Property Rights – Patents
If your business develops proprietary products or processes that need to be protected, an attorney can assist you with copyright and patent contracts and applications, such as non-disclosure agreements, that protect your intangible assets. If your company is going to create a lot of intellectual property that can be prosecuted in the future, it is very important to have an attorney view all documents before filing.
Court Process – Litigation
If you have been the subject of a lawsuit, such as a claim for discrimination or harassment from an employee, or action by a customer, company or vendor, you need and must consult an attorney immediately. If the government concerned is investigating you, lawyers can be your advisors and advisors because they are experienced in business law. At this point, privacy information might also come into play so a lawyer should be able to guide you through a standard NDA (non disclosure agreement) or privacy agreement.
Exit Strategy – Exit Strategy
Many entrepreneurs are eager to start a new business, but they may not think about the possibility that a major stakeholder or other major stakeholder will want to stop running the business and leave. A business lawyer will help you determine the value of your business, should your plans ever change.
How Much Does a Business Lawyer Cost?
Experienced business / corporate lawyers can charge (relatively) large fees based on hourly billing or they can also generate a fixed nominal invoice. However, generally it really depends on various factors, such as the following:
• Geographical location. Lawyers in larger cities may charge more than those in smaller cities.
• Experience level. A partner partner or associate in a law firm will cost more (both per hour and fixed).
• Company size. Attorneys with large national law firms may charge more than smaller law firms. However, this is relative in nature, because there are many small law firms that have lawyers who are very skilled in their fields, and charge a lot of fees.
In some cases, an attorney will charge a flat fee for performing certain tasks, such as drafting employment contracts and non-disclosure agreements or setting up an LLC / PT.
A lawyer is basically an expert in his field, and works professionally. So that for that, lawyers are also very happy to get clients who are also professional, who can appreciate the professionalism of a lawyer.
Questions To Ask During Your Initial Consultation
Once you’ve narrowed your options down to a few potential attorneys based on credentials and fees, consider asking them these questions to help you decide which attorney to contact and ultimately hire:
• How many clients do you have in my business niche and are you familiar with my industry or line of business?
• Do you personally handle my legal documents or give them to colleagues or teams?
• Can an associate or paralegal handle some of my legal duties at a lower rate to keep my costs down?
• Whether you work for a law firm, charge an hourly rate, or are on a fixed rate.
• Can you or your company handle all of my business needs, such as tax law or litigation?
Not all business owners need an attorney when they start a business, but most will benefit from the advice and guidance of a business attorney practiced in the operation of their business.
Many business owners feel happy and are greatly helped when they use a business / corporate lawyer to guard their company from a legal standpoint.