A business attorney is one of those very useful business tools that most companies will need to use at least once, and probably a lot more, during the course of doing business.
By definition a registered or incorporated company is a legal entity in its own right with all the legal rights and entitlements that go with this status. Business law is the area of law that handles the often-complex corporate dealings between these incorporated entities and looks after their legal interests. Business lawyers or attorneys are lawyers who specialize in this field of law.
Business law covers a wide range of company related fields which includes conflicts between corporations, contracts and agreements, sales related issues that may result in legal actions, the creation of new entities, dealing with securities regulations and also the relatively new area of Internet commerce. Many lawyers who specialize in company and business law are also familiar with the legal side of a wide range of related topics such as real estate, human resources including employment and related issues, intellectual property, bankruptcy and tax. It’s a diverse background that provides them with valuable working knowledge of all aspects of the law as it relates to companies and incorporated entities.
Whilst the vast majority of business transactions and decisions can be carried out without the requirement for legal advice, there are nonetheless times when it definitely pays to have it. Complex contracts, decisions that may trigger some type of legal action and so on should for preference be made with the assistance of a business attorney who can ensure that the contract or agreement is drawn up in such as way so as to minimize risks to the company. Especially if there is a chance that a particular decision or action could potentially result in legal action against the company.
Creation of New Entities
One of the most important times to consult with a business lawyer is in the creation of new entities. Whilst small organizations such as not-for-profits and even one owner businesses may be able to deal with a lot of this themselves, larger businesses and associations should almost certainly seek legal advice, if only to ensure that all the forms are correctly completed. As there are also different types of legal entities, a business lawyer can offer advice on the most appropriate for the circumstances. Limited liability companies and corporations are two of the most common types of entities but there are others that may be more appropriate depending on the reasons for setting up the entity.
The other thing that needs to be taken into consideration when drawing up the documents for a new entity is that this is the time when many of the legal procedures are set down for managing the company. Issues such as the transfer of ownership rights, sharing of profits and losses, the decision making process and so on all need to be determined at this time and included in the company documentation. A business lawyer is by far the best person to assist with these processes.