When a business dispute arises, it’s important to know what to do and where to turn. An experienced business law attorney can help you take on a dispute and protect your business and its interests.
Running your own business is exciting and rewarding work. After all, what can be better than doing what you love and being able to run your business the way you want?
But of course, no business becomes a well-oiled machine overnight. There is no doubt that running a successful business requires a lot of hard work and dedication. In fact, according to the Small Business Administration (SBA) Office of Advocacy, while approximately four out of five establishments survive the first year in business, only about half will survive five years or longer.
One key to running a successful business is knowing when to ask for help. Let’s face it—no business owner is equipped to do every single thing on their own.
Fortunately, a business lawyer can be a great asset to help your business grow and flourish.
Here are three situations where you may want to consider hiring a business lawyer.
1. Entity Formation
Before you even have a business to grow and nurture, you have to create it. But where do you start?
There are a number of different types of business entities to choose from. Examples of business entities you might consider for your business include:
- Sole proprietorships,
- Partnerships,
- LLCs, and
- Corporations.
Each one has different benefits and drawbacks, so deciding what to choose can feel overwhelming. Fortunately, you don’t have to make the decision on your own.
A business law attorney can help you select the type of entity that best suits your goals and needs. Then, he or she can help you navigate the process of actually completing the legal requirements of forming your business entity.
2. Contract Drafting and Review
People often assume that you don’t need a lawyer until a dispute arises. But this is not necessarily true.
In fact, having an attorney in your corner can be a great way to help prevent disputes from ever arising in the first place.
One of the best times to contact an attorney is when you have contracts that need to be drafted or reviewed. Making sure that you have a valid, legal, and enforceable contract is crucial to the success of your business.
Whether it’s an employment contract, commercial lease, or inventory purchase order agreement, the benefit of having an experienced business lawyer to assist with contract drafting or review cannot be overstated.
3. Business Disputes
As one Houston business attorney puts it, “Nearly all successful businesses inevitably encounter disputes.” No matter how successful your business is, there is always a chance a dispute may arise.
Examples of business disputes that can come up in the course of running a business include:
- Employer/employee disputes,
- Breach of contract,
- Intellectual property infringement,
- Product liability claims,
- Debt collection issues,
- Disputes with business clients, and
- Business ownership and partnership disputes.
Of course, we’d all like to avoid a dispute from occurring in the first place. Unfortunately, however, this isn’t always possible.
When a business dispute arises, it’s important to know what to do and where to turn. An experienced business law attorney can help you take on a dispute and protect your business and its interests.
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