What You Need to Know About Business Legal Advisory Services
Business legal advisory services are a lot like preventative medicine: people have a tendency to put them low on their list of priorities, but when a problem does arise everyone wishes they had done more to prevent it. At the heart of what a business advice lawyer does is prepare for worst case scenarios, and hopefully keep them from ever happening.
Consider a few examples of how a business attorney can play a crucial role at different stages of your company’s lifetime.
Whether you are starting a sole proprietorship, a corporation, or a nonprofit organization, the decisions you make at the formation and planning stage will have ramifications far into the future. It is critical to work closely with a business attorney throughout the process.
The issues to be addressed here are numerous and diverse. Are your personal assets protected? How much control will investors have over the company? How can tax exposure be minimized?
Or take for example a partnership with two owners. The business starts out great, but over the years the situation changes. Personal relations become strained, the partners have differing visions for the company, or one of them simply wants out of the partnership. It’s important to have the assistance of a business advisory lawyer who can plan for these contingencies without pointing fingers.
Contracts and Compliance
Your business is established and growing. Revenues are up, you have more employees, and maybe you’re thinking of expanding operations. You may not need in-house counsel, but you should definitely have your lawyer on speed dial by this point – someone who is already familiar with your business and can help keep things running smoothly.
As businesses grow, contracts tend to become more complicated. Rather than simply signing boilerplate agreements, now you may have more leverage to negotiate. Contract law is a jungle unto itself, however, and custom-tailored contracts require expertise to ensure you are covered in all situations. Contractual disputes can be similarly complex, and your business generally is best served by quickly handing them over to your attorney.
Compliance and liability issues also take on increased importance as the financial stakes go up. Anything from workplace accidents to digital security breaches can send a business reeling. An experienced attorney who is up to date on the latest changes in the law can help you establish best practices in order to prevent problems and keep your company protected when they arise.
You’ve built the business from the ground up, but now you are ready to retire, or you want to establish what happens to the company if you die. Succession can be complicated and requires careful legal planning. A thorough valuation of the business is needed, as well as transfer instruments that will pass muster in court if necessary. Consulting with an attorney to create a clear succession plan helps ensure that your wishes are respected and the company can continue to thrive for years to come.
Consult a Business Attorney
Whatever stage your business is at, the attorneys at Hoffman & Forde are ready to provide comprehensive legal advisory services. Schedule a consultation today.