Starting a business can be overwhelming. With all your attention to the financial and production details, owner of small business more often than not tend to forget the legalities. There are so many aspects of a business that need legal attention. Small businesses are all about the volume of work and lack of time.
Let’s have a look at all the segments that make a business require legal assistance :
Structure of a company:
Devising a framework in mind about creating a business, is easy. Materializing those thoughts, ideas, and creativity into a reality can be a daunting process. Structuring a business involves having to take care of the taxes, money being paid, follow the rules and regulation regarding setting up a business in the particular state or country. Getting an attorney, who has the idea of your business will prevent you from being on the receiving end of a legal battle.
So you are all set to launch a revolutionary product in the market, that you think is unheard of by the world. But is it? And if it is an invention that you aim at benefiting from through commercialization, did you get theta product protection under intellectual property right either by a patent, copyright, trademark. Are the confidential information regarding your business operation protected legally? An attorney will guide you through the protection of intellectual property proceedings.
Drawing up legal documents:
You would need an attorney to draft contracts in the occurrence of any of the stakeholder to leave the organization, non-disclosure agreements to protect trade secrets, employment agreement. You can’t let these legal entanglements stop your business from operating smoothly.
Most of the small business hire contractors to provide services to their clients. There should be a mutual understanding of roles and responsibility between the business owner and the contractors. To not let any incurring business liability hamper the running of your business, make sure you hire an attorney to lay down necessary rules and regulations in a contractor’s contract.
If a former employee has been threatening to tarnish the name of your organization on the grounds of harassment and you are aware that it is just a vague allegation, you would need an experienced attorney to clear your name off of it.
If you and your business partner have decided upon keeping the profit and loss share transparent and allocate it legally, you would need the help of an attorney to guide you through the process.
Business is it big or small involves financial transaction and drawing of income and hence will have to pay the taxes. You are busy working on trying to make your business a success, and you forgot that you have to deal with taxes at the end of financial year. Let an attorney advise you on a strategic way to get tax advantages and savings.
Litigation by the consumer:
There is a possibility of not every consumer being happy with the kind of service your business provides. If an unsatisfied consumer threatens to file litigation, you should have an attorney who can settle the issue peacefully by avoiding litigation with negotiating compensation with the claimant,
If you are about to start a new business, you would need help in the various area of compliance and risk management, environmental issues, estate planning, mediation, and arbitration, etc. Make sure you hire an attorney who is versatile and demonstrable experience in the respective field. A proficient attorney will guide you through devising effective strategies and help you mitigate any associated legal risk.