Whether you’re just starting out with your new business venture or have been running an established enterprise for a while, the rules and procedures of business law will always be relevant to you.
There are many points in a business’s life cycle when the advice of a business law attorney is indispensable – we’ve set out just a few below to give you a sense of how important it is to have a trusted business lawyer on your side.
Deciding On a Business Structure
If your journey in the business world is just beginning, you’ll need advice about which business structure best suits your particular enterprise’s needs. You’ll also need assistance with creating and registering the business entity once a structure has been decided on.
A business attorney can help you to understand the legislative requirements applicable to different corporate structures and the pros and cons of each. For example, limited liability companies (LLCs) enjoy many benefits, such as protecting the owner from personal liability for the business’s debts.
However, in some cases, a corporation may be more suitable, particularly if you have a close-knit management structure and want to restrict ownership of the business to a small group of people.
Each structure also has unique tax implications, which must be carefully considered. Making a good decision about the structure of your business early on is crucial because attempting to restructure the organization at a later stage can be costly and complicated.
Corporate Governance
A corporate lawyer will also help to ensure that you are complying with all corporate governance rules and procedures in the day-to-day running of your business. Regarding the Florida business law statute, corporations are required to hold annual general meetings and keep detailed minutes. A business lawyer can assist you with meeting these legal requirements and prepare the necessary legal notices and documents.
Having a comprehensive corporate by-law that sets out the operating procedures for your organization is highly recommended, even if your business is not legally required to put one in place. A by-law is a useful blueprint that can help guide the business through difficult decisions and stipulate procedures for handling disputes, which will add certainty and legitimacy to the operation of your business. Business law attorneys are skilled in preparing corporate by-laws and can also assist you with understanding what their provisions require in specific circumstances.
Capital Raising
If business is booming and you’re looking to expand your operations but need additional capital to do so, then a business lawyer can advise you on your options for capital raising. There are several legal requirements that need to be met when issuing securities, so having a trusted corporate lawyer guide you through the process is crucial. Stock issuance transactions can have serious implications for your business interests if structured badly, so seeking sound legal advice is a must.
Drafting And Reviewing Contracts
From leases to service agreements to loans, entering into contracts is an unavoidable part of running a business. An attorney with expertise in business law and contract drafting can assist you with negotiating complex agreements, ensuring that your best interests are protected and that you understand what the consequences of various contractual provisions are. Don’t underestimate the importance of having clearly drafted, well-thought-out, practically implementable contracts – they can save you from unnecessary disputes and exorbitant legal costs down the line.
A business lawyer can also help you with the sale of your business if you’re thinking of moving on to something else. They’ll give you guidance on the valuation of your enterprise as well as different exit options so that you can leave the business as cleanly as possible.
A Guiding Light
One of the biggest benefits which come from hiring a business law attorney early on in your journey is that they’ll develop a sound knowledge of the ins and outs of your business, quickly becoming a trusted advisor for any future problems or disputes you might face.
When things start to go wrong, time is often of the essence, and having someone who is already in your corner and who understands the context of your operations can make all the difference. Building a relationship with your attorney over time is key to ensuring you receive accurate, reliable legal guidance through every major business decision.
Trusted Business Law Advisers In Coral Springs, FL
Regardless of where you are in your entrepreneurial journey, hiring a business lawyer with years of experience and a track record of providing excellent advice to clients is crucial to the success of your enterprise.
At the Law Offices of Gary I. Handin, P.A. we are here to assist you with your business’s every legal need – give us a call at 1-877-815-4560 today to find out more about our range of business law services.