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When running a business, regardless of the size, specific issues arise which require immediate attention. You may be well versed in the ins and outs of operating a company, but you may not know much about the legal implications of some of the situations that arise.
A lawyer who deals with all the elements relating to owning and operating a company is considered a business law attorney. If you have ever considered hiring legal counsel to guide you through some of the aspects of your business, here are four compelling arguments to pull the trigger and make the hire.
1. Business Law Attorneys Help With the Finances
One of the most important roles of business law attorneys is ensuring your company’s finances remain compliant with the complex tax and trust rules and regulations. A failure to follow these laws can result in loss of your investments both personal and professional. Being tied up in tax court or civil litigation is something you should want to avoid at any costs. Therefore, hiring a professional trained in dealing with these matters is to your benefit. Some of the financial facets cared for by an attorney are:
- Tax laws
- Secure transactions
- Uniform Commercial Code
2. Business Law Attorneys Negotiate and Draft Contracts
Contracts make the business world go round. Without a proper agreement between parties, it may be impossible to ensure people follow through and do what they say. Business law attorneys make sure all your company’s agreements follow the letter of the law and have terms that are favorable to you and your end goals. An attorney may review and draft the transaction based on your negotiations, or the attorney may also negotiate the terms of the contract.
3. Business Law Attorneys Deal With the Intellectual Property Rights
When you own a business, you want to make sure your innovative thinking is not taken away by others. A business law attorney deals with all things related to intellectual property rights. These are the intangible and creative undertakings you and your company have come up with. These include the following four concepts:
- Trade Secrets
4. Business Law Attorneys Keep the HR Department Current
The last thing you need is a lawsuit by a disgruntled or injured employee. A business law attorney can assist your human resources department when it comes to drafting and enforcing your business’ behind-the-scenes policies and procedures regarding the following:
- Changes to current laws including:
- Workers’ compensation
- Best hiring practices
You need people you can rely on to keep your business open and operating successfully. A business law attorney is just one more piece to completing your corporate puzzle.