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What Does A Business Lawyer Do?

What Does A Business Lawyer Do

Business lawyers play different roles in a budding business. If you’re a business owner looking to start or own a business, a lawyer can help you in different cases.

For instance, if you live in a place like Tampa and you want things to go without issues in your business, you might need to hire a business attorney Tampa has to offer. It will help not only your business but also you to feel less stressed.

You may have been wondering what you need a business lawyer for and how they can help you. However, you don't have to wonder anymore – this article contains the information you need.

Read on to find out!

What business lawyers do

Running a business is no easy feat; many things could go wrong. You may face issues with your employees, investors, business partners, or suppliers, so preparing for any problems that may arise in your business is a good idea. More than that, there are many things you can't handle yourself, and you'll need a business lawyer.

Moving on, here are some responsibilities of a business lawyer:

1. Writing contracts

Contracts are necessary to run a successful business. You will need binding contracts for you, your employees, investors, and partners. While you can write them yourself, it may not be your best option.

A business lawyer writes business contracts on your behalf while ensuring the terms are favorable to your business. They also ensure that the contract is in line with the law and that every clause in the contract you sign has no elements of confusion that may cause future problems for your business.

2. Help with mergers and acquisitions

Business lawyers also help with mergers and acquisitions. Whether you're buying out the competition, joining forces with a bigger company, or being acquired by a bigger business, you need a business lawyer.

They advise and guide you through the process to get the best out of the business partnership or deal. Going through a merger or acquisition process alone may be risky and put you at a loss.

3. Resolve business issues and claims

Business lawyers help business owners resolve issues and claims. Problems are inevitable when running a business. You may face issues relating to sexual harassment, sick leave, disability, discrimination, and workplace safety.

Business lawyers can advise on the best practices regarding each issue and educate on the applicable laws. Other times, they represent businesses when such issues arise.

4. Handle real estate and property disputes

If you run a real estate enterprise, you need a business lawyer. They know their way around negotiating sales and leases and navigating confusing or complex real estate or tenancy laws.

When you have a business lawyer, you're more likely to succeed as a real estate agent, broker, owner, or landlord. They can foresee issues that may arise and help you avoid them. In addition, they can draft contracts for you and other parties involved when necessary.

5. Advice on compliance and risk management

New or established businesses are likely to face compliance risks in their business that can lead to legal penalties, material loss, and financial forfeiture if they don't act according to industry law and regulations.

A business lawyer helps to assess and mitigate losses regarding compliance risk. In addition, they can advise on compliance issues and devise systems that will help you monitor and minimize risks.

6. Handle disputed contracts and contract breaches

Businesses are likely to face contract issues, ranging from a supplier failing to meet their quota, employees leaking trade secrets, or unpaying clients, leading to disputes among the parties involved. Another reason may be due to holes in written contracts.

Business lawyers negotiate and advocate on their client's behalf and, sometimes, file a lawsuit if needed. They help resolve issues with contract breaches. Hence, getting a business lawyer to draft your contacts is a great way to prevent loopholes.

7. Advise entrepreneurs on starting a business

Business lawyers help at the inception of a business. They help business owners decide which business type is the most beneficial to them, whether an LLC, S Corp, or others.

Choosing the wrong business type can be costly, and fixing the problem can take years. Therefore, you need a business attorney before launching your business to avoid any issues.

8. Intellectual property

A business is more trustworthy when patented, and patenting, trademarking, and copywriting what belongs to your business will make your customers more confident in you and improve your fan base. While you can go through the patenting and trademarking process yourself, you can speak to a business attorney.

They can help you understand how gaining intellectual property will help your business and advise you through the process. In addition, they help you check whether the intellectual property can be trademarked, patented, or copyrighted.

9. Handle bankruptcy

Issues can arise when running a business that can lead to bankruptcy. Bankruptcy is very complicated and often needs an expert's intervention to ensure things go smoothly, and that's where a business attorney comes in.

They represent businesses in bankruptcy cases and assist in filing individual or corporate bankruptcy. In addition, they protect businesses from creditors, help clear your loan, set up payment plans, and help you negotiate for time to restructure your business.

You can go through a bankruptcy process better with the help of a business attorney than if you were to attempt it alone.

10. Handle tax matters

Tax is a crucial part of running a business and necessary in line with running a company. Business attorneys handle tax matters relating to local tax, federal tax, and state tax. They help to ensure that your taxing aligns with legal limits.

Furthermore, they help you out of difficult legal tax situations, tax planning, and litigation. While you may need the help of an accountant through some of the processes, a business lawyer helps make everything within the law.

Conclusion

Business lawyers are necessary for running a successful enterprise, and you may need to hire one at one point or another. You may think you need a business attorney, but even the littlest mistake can cost your business.

Having a lawyer as part of your business will prevent you from having issues. Instead of debating whether you need one, you should focus on choosing a business lawyer with experience practicing and experience in your business field.

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