According to the Institute for Mergers, Acquisitions, and Alliances, there have been over 325,000 mergers and acquisition transactions in the US, totaling over $34,900 billion in value. 2020 recorded approximately 15420 transactions, worth over $1,172.23 billion. Business law offices facilitate such transactions, protecting the interest of all parties involved.
As a small business owner, the mention of such huge figures may be off-putting. It is important to remember that all major brands and corporations were once start-ups. Taking the wrong step while the business is still in its infancy can be devastating. You need to ensure that you establish the right foundation in business structure, contract signing, staff hiring, and other legal aspects. That’s where business law offices come in. Here are five advantages of hiring a business attorney for your small business.
1. Establish the Right Business Structure
Choosing a suitable business structure for your start-up is critical to business success. Picking the wrong business model could lead to unnecessary legal tussles down the road. You may be exposed to more liability under sole proprietorship and partnerships than in LLCs or C corporations. Business law offices can guide you in understanding the liabilities, tax obligations, and setup expenses of each business entity.
2. Protect Your Business From Lawsuits
The United States is a fairly litigious society. The typical US business receives an average of 305 lawsuits annually, spending over 20 million dollars on acquiring legal services. The last thing you would want for your budding business is a lawsuit that could have been avoided. Whether it’s a disgruntled employee, a government regulator, or your industry competitor, legal proceedings of any scale can harm your business operations. A small business lawyer can help counter the lawsuits and their outcomes.
3. Safeguard Your Intellectual Property
One of the most valuable assets for any business is its intellectual property. Business law offices can help protect your patents, copyrights, trade secrets, trademarks, and other forms of intellectual property from infringement. Business attorneys can keep track of the expiration dates and renewals as well as suing any party that infringes on your rights.
4. Draft Contracts
Your company may be a legal entity with a string of legal obligations and ramifications that affect the business operations. One key feature is contract and agreement drafting. A business law firm can assist in curating and negotiating business contracts, labor, and real estate agreements. Remember, going through the fine print of key documents before you sign can protect you and your business interests.
5. Dispute Resolution
Your business may face several financial and operational risks that require negotiation, arbitration, or mediation. Business law offices may provide legal options that may be sufficiently good for all parties involved. Your business attorney can provide legal advice on the right steps to take to avoid lawsuits and countersuits later on.
Corporate attorneys are not a reserve of bigger brands or organizations. Budding start-ups and small enterprises may also benefit from the legal services provided by business law offices. If you are searching for a business lawyer in Michigan, reach out to The Hoeg Law Firm, PLLC.