DOES YOUR STARTUP NEED CORPORATE LAWYERS? HERE'S HOW TO TELL
According to
the BizBuySell.com Insight Report, 7,842 small businesses were sold in 2016. And whether you've recently bought a business or started one of your very own, it's important to understand the role corporate lawyers play when it comes to ensuring your business's legal operation and success. If you're not sure whether or not your startup is in need of corporate lawyers, there are a few common reasons to work with them. Here are just a few of the most common reasons to hire a team of corporate lawyers.
Hiring New Employees
Many businesses have employees, and often times, it's easiest and most efficient to hire corporate employment lawyers to ensure that the onboarding process is completed legally. Similarly, forming any type of business entity is made much easier with the help of a corporate law firm. Anything involving negotiating contracts with customers or suppliers is easier with corporate lawyers as well.
Business Protection
Corporate attorneys typically protect businesses from three different groups of people -- at least, at the ground level -- the government, third parties/the public, and other business founders.
"You don't want to violate laws. You also need to be sure you are doing business in a way that doesn't create unnecessary tax liability and that you pay the taxes you owe. It's essential to make sure you take reasonable steps to control risk in your interactions with customers, suppliers, users, employees, and the general public...When multiple people form a company together, it's best to establish the rights and expectations of the founders upfront in case there are disagreements down the line," writes Rebecca Thorman on The Muse.
Patent Approval
Finally, if your business involves any type of patent, corporate lawyers can help you plan it and obtain it efficiently. Furthermore, they can help your business establish any software- or website-related terms of service or licensing agreements that affect your business's bottom line.
When all is said and done, there are countless reasons to hire a team of corporate lawyers. But understanding the specifics regarding their legal areas of expertise can help you determine when their help is necessary to resolve a number of legal issues.