There’s a huge reason why business lawyers are hired for legal issues surrounding a business, sale, estates, trusts, succession planning, and more. It’s because the law is a precise system of rules that involve legal jargon and underlying information, restriction, or explanation that can all be confusing to ordinary, day-to-day people.
Here are 6 ways a business lawyer could save you and your company from a potential financial mess:
1) General Corporate Matters – If your business is big enough to be considered as a corporation, you’ll need a professional who will deal with shares, limited/unlimited liability of shareholders, separate legal personality of the corporation, and delegated management.
2) Business formation – Small businesses, corporations and enterprises all begin at the formation phase, where all legalities must be ironed out before the business can exist. A business lawyer can help with all stages of business formation.
3) Estate planning – Those who have successfully created a profitable business, no matter which industry, should plan their estate in the event of sickness, accidents or untimely death. A lawyer could guide you with creating a will or trust, letter of intent and durable power of attorney. He/she would also handle paperwork related to guardianship and beneficiary designations, as well as healthcare power of attorney.
4) Succession planning – In the event that you get sick, become physically/mentally disable, or pass away, you should have a written document that assigns specific people to run your company. This doesn’t just include CEOs and the higher-ups; succession planning may also involve various key positions in the company that you deem important.
5) Buying/Selling – To prevent being duped into signing a contract of sale, a business attorney should help you weed through the document before you leave your signature.
6) Contracts and Business Transactions – Just like buying or selling transactions, you’ll need the guidance of a business attorney anytime you’d need to sign a contract, conduct business-related transactions, or transfer huge amounts of money.
Everything a business attorney does for you and your company is to protect the investment, finances, and company you’ve spent years building from the ground up. Understanding legal jargon and the complexities of each business law takes years and hundreds of books to learn, which is why a competent lawyer could save you from financial mess, lawsuits, and headache in the long run.
