If you think that lawyers are all about personal injury and criminal defense, you are missing an entire area of law that could be crucial to your small business. Commercial business law can be complicated to navigate, but comprehending it can be essential to success. There are a number of good reasons you need a business lawyer. Here are five of them.
- You need to make a contract. Commercial business law covers the writing and negotiating of contracts, and in the course of everyday business you are almost certain to enter into it at least one contract. There are various types of contract law, and your attorney can help you understand what is relevant to you and whether a contract is in your best interests or will put your business in danger. A breach of contract claim is a serious thing, but in order to prosecute it, a plaintiff will have to prove that a contract was formed, that the plaintiff performed all of their part of the contract, that the defendant breached the contract, and that damages resulted from this breach of contract. There can be a lot of complicated issues involved in contracts, but a business lawyer can help you navigate them and avoid them.
- You have employees. If you have employees, you have the potential for an employment law issue. An employment law lawyer or other commercial business law expert can help you avoid issues with your employees before they ever begin. He or she will know all the details you need to keep track of, such as that the Family Law and Medical Leave Act gives all employees the right to 12 weeks of unpaid leave in any year if they need it for family reasons. Nearly three-quarters of America’s states require businesses to have workers compensation, and your lawyer can help you understand what this means and how to protect your business as well as your employees.
- You are buying or selling a business. Buying a business is one of the trickiest aspects of commercial business law. You need a lawyer who can help you accurately value a business, write the proper agreements, do all due diligence, and get transfers for any permits or licenses that are necessary. If you are selling your business, your lawyer is there to make sure that all transfers are done correctly, buyers are vetted, negotiations are smoothly, and you get the most out of your business.
- You are structuring a business.Whether this is your first structure or you’re restructuring, having an expert in commercial business law to help you can ensure that everything goes smoothly. They can help you to make all the decisions about issues that will affect your personal liabilities and your tax obligations. They can help you understand and avoid as many set-up fees as possible as well as grasp how ongoing expenses and funding will work.
- You get a complaint from a government entity. It’s not uncommon for federal, state, or local authorities to file suit against a business because of an employee issue, a tax issue, or an environmental issue. An attorney can help you to develop actionable plans in case these happen, protect you as far as possible from it ever happening, and help you deal with things should a complaint or lawsuit go through. Commercial business law can be quite tricky when it comes to environmental issues in particular, so it’s always smart to have a business attorney on your side who knows what they’re doing.
There’s a lot of business going on in America and a lot of money to be made by the successful business professional. Getting a business attorney can be one of the smartest ways to protect your investment and ensure profitability going forward.