Being an entrepreneur is a great achievement. Owning and running a business can be very rewarding and bring feelings of fulfillment and satisfaction. Entrepreneurs are generally known for their passion for getting things done. And their eagerness to see results and bring their dreams to fruition.
While this kind of zeal is necessary for accomplishing great feats, it can lead to mistakes and business errors without the right counsel.
In today’s business world, which is governed by legalities, copyrights, trademarks, and many other legal concepts, every smart entrepreneur needs a business lawyer by their side. This is especially important if you’re hoping to keep growing and expanding.
Leaving your business in the wind without good legal counsel can open your business to legal issues and make you more susceptible to being blindsided in business transactions. In this article, we will be looking at who business lawyers are and how they assist entrepreneurs.
Who Is a Business Lawyer?
A business lawyer, also called a corporate attorney or commercial lawyer, is a legal expert who deals with issues affecting business. Their scope includes but is not limited to taxation, business contracts and transactions and intellectual properties.
A business lawyer helps organizations, both large and growing, to navigate through legal processes related to business. They help their clients file cases, settle claims and negotiate settlements.
They prepare legal documents and represent their clients in court hearings. They also assist their clients in drafting business contracts, managing risk, and ensuring compliance.
Having a business lawyer on your team can help an entrepreneur avoid pitfalls and make smart business decisions. With their expertise in these areas, they can provide sound legal advice to entrepreneurs when making key decisions about their businesses. Regardless of your type of business or the industry you operate in, having a corporate attorney is a necessity.
How Business Lawyers Assist Entrepreneurs
Business lawyers perform a variety of functions that help organizations thrive and keep away from trouble. Here are 6 ways in which business lawyers assist entrepreneurs.
1. Providing Business Counsel
Aside from the legal issues, corporate attorneys know a lot about business. The experience they have acquired from representing businesses over the years makes them great business counsel.
A good business lawyer can offer advice on several business matters like taxation, business structure, partnerships, and even investments. So apart from having a strong attorney by your side for when legal issues come up, having a business lawyer allows you to tap into their wealth of experience and knowledge.
2. Settling Conflicts and Disputes
While you do not want disputes or conflicts to arise in your business dealings, they do happen. And sometimes, these disputes can be serious enough to threaten the survival of your business. Having a competent business lawyer on hand will help your business tackle and survive conflicts better.
A professional business attorney who knows all the inner workings of your business coupled with having a solid legal backbone, will know how to get you out of trouble. And if it does involve going to court, your business lawyer will be the best person to represent you.
3. Improving Your Business Image
Having a corporate attorney shows that you mean business. And that your organization is serious about getting it right. This reflects positively on your brand and attracts investors. For budding entrepreneurs on the lookout for investors, having a business lawyer will make your business look more trustworthy.
No investor wants to throw money away. They want to be sure that they’re not being blindsided or dragged into fraudulent dealings. Having your lawyer prepare all necessary legal documents will bring peace of mind. And put you in good standing with investors.
4. Protection of Intellectual Property
If you’re a young entrepreneur with a unique product, there’s always the possibility of other people trying to copy or steal your idea, especially if it has the potential to thrive. Trademarks and intellectual property laws are measures put in place to protect entrepreneurs. A business lawyer will be able to help you to structure your business in a way that shields it.
Your business lawyer can also help make sure that you’re not trespassing on the intellectual property of others. And should you find yourself facing any claims or legal battles, your business lawyer will be on hand to represent you.
5. Smarter Business Relationships
When starting as an entrepreneur, you may be handling your business as a sole proprietor. But as you grow and start to expand, opportunities for partnerships might arise. Your business lawyer will help ensure that you’re not going into this new business relationship blind.
Your business attorney can help you review contracts to be sure that you’re safe. They can help you and your partners to construct and agree upon a legally binding relationship that will be in the best interest of all parties involved.
6. Helping You Follow the Law
Many entrepreneurs have found themselves in trouble for actions they did not know were unlawful. Unfortunately, when it comes to the law, ignorance is no defense. Your business lawyer can help keep you within the confines of the law in all your dealings with partners, investors, employees, and customers. Your corporate attorney can also educate your staff and provide guidelines to govern their daily activities. This will ensure that everyone keeps out of trouble.
As an entrepreneur, finding yourself on the wrong side of the law can put a huge strain on the business and on you. Furthermore, you do not want to keep second-guessing your every move because you’re unsure of the legal implications.
Having a lawyer by your side will give you the needed guidance to thrive and achieve your business goals. Asides from keeping you on the good side of the law, your business attorney can help ensure that your business maintains a positive image.
Moreover, a lawyer will also keep you in good standing with investors and partners. Your lawyer can help ensure that the business relationships you enter into are beneficial. And if it comes down to legal battles, you have a ready representation that already understands the ins and outs of your business.