The relevance of legal advice to a business can never be exaggerated. Businesses need legal advice for a variety of reasons.
Listed hereunder are some reasons to highlight the significance of legal advice:
To Save Time and Money: When an entrepreneur decides to solely handle legal affairs, he will find it difficult to effectively cater to same because he has no training or expertise knowledge of how the law works. Legal advice from a qualified lawyer saves an entrepreneur lot of time that might have hitherto been wastes on trial by error. It also saves the cost that you could have incurred if the venture suffers an injury due to lack of adequate legal advice.
To Guide Standard Contracts for Transactions: Sound legal advice guides how contracts are negotiated or documented. Lawyers can advise an individual on when the consideration of a contact is insufficient, when an offer is suspicious, when the terms of a contract does not favor the interest of the business, etc.
For Compliance: It helps a business to comply with laws and regulations guiding business activities in the country. Legal advice makes you know the legal requirements for every transaction and how to comply with them. For instance, many small business owners do not know that they are required to give a written statement of employment to employees within three months of commencement of employment. Legal advice puts you ahead of such ignorance and its consequences.
To Avoid Unintended Mistakes: Sometimes, business owners make mistakes due to ignorance. Legal advice helps to prevent such mistakes and the unnecessary disputes that may arise from them.