Running a small business is both exciting and challenging. It’s exciting because it’s your business. You want to see it succeed and as a result, yourself succeed.
But it’s challenging because there are many aspects to small business operations that are outside of your expertise, particularly when it comes to legal issues.
Fortunately, litigation lawyers such as those at Prudent Law, exist to help you ensure your business is legally compliant so you can focus on actually running your business. Here’s how litigation lawyers can help you.
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Business Formation
If you’ve already formed a business, you probably don’t need a litigation lawyer for this reason, but if you’re just starting out or you have an idea you want to turn into a business, getting advice and assistance is not only recommended, but strongly encouraged.
A litigation lawyer can help you determine what kind of business your company will be, advise you on various tax implications, draft and file corporation documents, apply for any necessary certifications and licenses, and provide legal advice and counsel moving forward.
Setting up your company correctly (and legally) is absolutely vital to its success and involving a lawyer is the best way to avoid costly mistakes.
Business Transactions
Once your business is formed, you might think you no longer need a litigation lawyer, but situations will always arise that could have major legal implications for your company.
For example, as your business grows, you may consider merging with or acquiring another company.
These are not situations you should handle on your own because a lack of knowledge in the mergers and acquisitions arena can hurt you both financially and legally.
When you’re making these types of transactions, you need someone on your side who is looking out for your company’s interests.
The other party definitely isn’t going to consider what’s best for you when they come to the negotiation table.
And you can bet that they will have a litigation lawyer on their side who is representing their interests. You have to fight fire with fire and bring your own lawyer to protect your company.
Contracts And Documents
No matter what type of business you run, you will have to deal with contracts and formal documents at one time or another.
Remember that contracts are legal documents and therefore should be drawn up by someone with experience in the legal field.
Printing a sample contract or template off the internet is not likely to hold up in court because those general contracts may not have specific enough language to satisfy the legal requirements in your jurisdiction.
Examples of the types of documents you may want a litigation lawyer to write include:
- Employment contracts
- Indemnity agreements
- Independent contractor agreements
- Non-compete agreements
- Nondisclosure agreements
- Operating agreements
- Partnership agreements
- Property and equipment leases
- Purchase orders
- Security agreements
You might need some or all of these types of documents during the course of your business ownership and having a litigation lawyer on staff or on retainer can ensure they are drawn up to meet your unique needs.
Again, you want the contract to be fair, but also protect your interests. A litigation lawyer ensures that both are true.
Intellectual Property
Not every small business needs a litigation lawyer to protect intellectual property, but if the situation arises, you’ll want one to make sure it’s done correctly.
Intellectual property doesn’t just apply to inventions. It also applies to trademarks and copyrights, which most companies have to some degree.
For instance, your logo should be protected because if it’s not, another business can come in with a similar logo and take customers away from you.
If you create content for the Internet, including videos, images, and articles, a litigation lawyer can help ensure that this content is protected.
You don’t want other entities ripping off your content and passing it off as their own. This can impact your company’s reputation, which can then impact your bottom line.
Take the right steps now to ensure your intellectual property remains under your control.
Business Disputes
No matter how hard you try to avoid business disputes, if you’re in business long enough, at least one will arise.
Whether it’s a partnership dispute, a customer dispute, an employment dispute, or a breach of contract dispute, you need someone by your side to advise you on the resolution.
While you can try to solve the dispute on your own, and you might be successful in the end, a litigation lawyer can help you find the best solution for you in the quickest way possible, saving you both time and money.
Conclusion
All small business owners should have a litigation lawyer in their phone contacts just in case, and if you’re in a situation in which you feel over your head, you probably need a litigation lawyer now.
In any case, it never hurts to consult an experienced lawyer to point you in the right direction.
