Now for most businesses the idea of having lawyer on retainer is simply out of the question from a cost standpoint, but legal experts like David Cates suggest that this shouldn’t mean that they ignore legal support altogether. The reality is that a lawyer is a critical part of any business and they should most certainly have someone who they respect and trust at the ready should they run into any issues. Not having someone who can be called on could actually cause a problem for businesses and here are just some of the benefits which businesses can enjoy when they do get a lawyer on board.
Creating the Structure of a Business
From a financial and taxation standpoint the structure of the business is so important and comes with many implications. Not getting the structure right can hurt a business further down the line and this is something which a lawyer will certainly be able to help with. Business lawyers often specialize in small business and they know their way around this area of the law.
Intellectual Property
Owning the rights to the business and the products which it creates is so important in the modern age and a failure to do this can leave you open to copycats. A small business lawyer will be at the heart of making sure that you are fully protected with regards to this.
Deal With Attacks
Attacks on small businesses are hard to see coming and this is why having a lawyer who you can call on is so important. When we talk about attacks we are referring to other businesses and customers making any kinds of claims or allegations against your company. This could be regarding an injury in store, a failure to comply with contract details or any other manner of allegation. You need to act fast to protect your reputation and to ensure that these allegations are dealt with swiftly.
Writing Up Contracts
There’ll be all kind of contracts which you will enter into as a business, especially when you begin to outsource and/or look for suppliers. Now what many companies do is sign these contracts without properly understanding them and this can most certainly lead to them being exposed in some way. It is critical therefore that the business has a lawyer to look over the contracts first, and spot any areas which could leave you open.
Creating Non-Disclosure Agreements
A layer could easily create an NDA for you which you can have your staff sign, so that no details of the business are disclosed if they one day leave and go to work elsewhere. This is a very basic document but one which you do need a lawyer to compile. This may be a simple document but it is one which is going to seriously protect your business in the event of an employee going to work for a competitor.
Always make sure that you have someone who you can call when the time comes.
