Several small business owners engage in business activities without legal representation. Sadly when avoidable legal issues affect the venture they hastily seek out a lawyer’s services. It is best that entrepreneurs value a preventive posturing that a curative one when it comes to the health and well being of their businesses.
It is only when there is a need to institute an action or when dealing with a lawsuit that lawyers add value to a business.
Listed here-under are reasons why businesses should covet legal representation:
Formation and Registration of Business: At the very inception, a lawyer is bestowed with the task of analyzing the business and offering relevant suggestions on the most appropriate business structure to adopt. The lawyer also conducts all the processes that births the formation and registration of the business.
Contracts: A business lawyer helps to negotiate contracts in order to protect the interest of the business at all times. The lawyer also prepares standard form contracts and renders useful advice to the business as far as negotiating contracts is concerned.
Intellectual Property Protection: The lawyer helps to register copyrights, patents, industrial designs and trademarks of the business if there is any. To protect the identity of a business, a lawyer will conduct trademark registration for the name, logo and symbols associated with the business and its products offerings and services.
Taxes: An experienced lawyer advises on and helps the business with registration for state and federal taxes and how to obtain Tax Identification Number. From his knowledge of the law, the lawyer also advises the business on how to properly structure tax liabilities to take advantage of holidays and exemptions.
Institution and Defense of Legal Actions: A business needs a lawyer to defend its interests in litigious matters. The lawyer does better when he is already familiar with the history, principles, and activities of the business.
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