When you are operating any kind of business, you should know that certain eventualities are inevitable. For instance, insurance issues, worker’s compensation, lawsuits as well as workplace injuries are some of the common issues encountered in different workplaces. Most of these issues share one thing in common in that they require legal solutions. Failure to address them can negatively impact your business. Therefore, it is essential to get quality legal representation to safeguard the interests of your business. Here are 8 reasons why your business needs a good law firm.
Formation And Structure Of Business
When you form a business, you should register it as a legal entity. Your business structure will determine the liabilities that you will face such as taxes and how the profits will be shared. There are different forms of business structures that include the following:
- Corporation, which is owned by shareholders.
- Limited Liability Company (LLC), which consists of asset protection of the corporation and profits are not taxed.
- Partnership-owned businesses by two or more people, where profit and losses are shared.
- Sole proprietorship, where you control 100% liability.
Depending on your needs, a law firm will help you take the right direction in choosing the legal structure of your business entity. The structure of your business also helps determine the agreements among the founders of the company such as ownership and profit-sharing. The lawyers will also settle any conflicts or disputes that may arise among the owners in the operations of the organization.
In every business, there are different contracts that include business owners and different stakeholders as parties. Different contracts establish relationships that exist between various stakeholders. For instance, employment contracts state job description and other working conditions, contract with suppliers as well as licensing agreements.
When you are starting a business, you will need legal advice from professional attorneys about how to raise capital. You can consider credit or equity but the most important thing is that the capital you intend to raise should be properly documented. When you choose to get a loan, make sure you enter into an agreement that you understand to avoid consequences that can affect your business.
If your business does not have permanent structures to operate from, you can consider getting a lease for different spaces. When you are looking for a long term commercial lease, then you will need to have an agreement with the landlord that will help prevent conflicts in the future. A professional law firm will help you design a lease agreement and also assess if the terms and conditions are fair to protect your interests.
Protecting Your Company Brand
You need to ensure that your brand is protected as your business grows. This involves trademark protection to ensure that your competitors will not legally use your brand name or logo which can confuse customers. You also need to hire professional lawyers to protect intellectual property to ensure that your property rights are not infringed.
When hiring contractors, you need to have a contract that outlines your business relationship to avoid disputes that may emerge at a later stage. The agreement should outline the job duties, benefits, and compensation. In case of termination of the contract, the agreement should state clear reasons to avoid disputes.
The structure of your business should also outline the exit plan from the onset to prevent disputes involving succession that can be experienced at a later stage. A professional lawyer helps in the design of a strategy that helps your business to grow. In cases involving severe illness or sudden death, the assets should be distributed fairly. This is where the services of a law firm come in handy.
It is vital to have a legal team of experts to represent your business even when there is no legal case that you have to take care of. In most cases, when different issues arise in your business, they cause negative consequences that can affect the viability of your business in many ways. To safeguard the interests of your business, your business needs to enlist the services of a professional law firm.