Euless Business Lawyers Supporting Your Company
Starting a business is one of the most rewarding experiences. It’s also just as rewarding to take over an old business and help it to keep running or even to flourish. It takes a lot of hard work and dedication, but the feeling of pride and accomplishment that comes with a successful job is a wonderful reward.
But many people who have the fantasy of running their own business don’t take enough time to consider just what a legal undertaking it can be. Putting together contracts, ensuring the proper insurance and paperwork are gathered, resolving partnership and contract disputes, and protecting trade secrets. There’s a lot that goes into making sure your business functions according to the law.
One of the ways that any business can make this process easier is to work with a business lawyer that understands the intricacies that your business will be dealing with.
How Important is Business Law Really?
Is it important to you to keep your business running? Then business law is pretty important. Regardless of the type of business in question, there are going to be vital laws that must be obeyed and important contracts and documents to be drafted. However, certain businesses are going to have additional legal requirements that they must meet, and these may present unique business law challenges in and of themselves.
But let’s look at a specific example. One of the most common mistakes that people make when they are first starting a small business is to trust their friends and family. This may sound cynical, but you should never work with friends and family unless you have a contract. Too many people have trusted a friend and didn’t draft any form of contract or agreement and have ended up losing money, losing time, losing their businesses, losing their friends, and losing their minds.
Creating contracts can quickly prove a bit of a difficult task. You can find examples and templates online, but these are typically so generic and poorly written that they only end up making the contracts more complicated and confusing than they need to be. This, in turn, can also result in negative consequences due to miscommunicated clauses.
Keeping up with all the legalities involved in running a business is often too difficult for somebody to do while also running the day-to-day operations. Adding a business lawyer to your team as an ally can allow you to put your time and attention into the matters where it’s most effective.
What Does a Business Lawyer Do?
There is a number of tasks that a business lawyer can assist in, such as:
- Business Formation: Your business starts well before the first day of work. It takes time to consider the proper formation of your business, drafting the employment agreements, compliance plans, and partnership agreements that may be necessary.
- Business Transactions: From restructuring a company to mergers and acquisitions, drafting contractor agreements, and acquiring key assets, business transactions are a common business activity that has to be done by the book.
- Trade Secret Protection: Protecting trade secrets means using tools like NDAs and confidentiality agreements. Being precise when drafting these is important because the wrong mistake could allow for information to be leaked without violating the contract and thus leaving your company with little recourse.
- Intellectual Property: When you invest the time, resources, and creativity necessary to come up with something fresh and innovative, you want to protect that work. Copyrights and trademarks can allow you to stake a claim on your intellectual property to defend it from theft or copycats.
- Business Litigation: When there is a breach of contract or a dispute over a contract, partnership, fraud, misrepresentation, hostile takeovers, fiduciary duty breaches, or patent infringement, then business litigation skills are needed.
- General Counsel: Legal counsel may be necessary at any junction. Establishing a relationship with a business attorney can allow you to seek their counsel on decisions before pulling the trigger.
- Mediation: When disputes arise, sometimes litigation isn’t the proper response. Sometimes all it takes is to have another party present to mediate the situation, thereby saving both parties time and resources that would have otherwise been lost.
When Should a Business Hire an Attorney?
As the owner of a business, the best time to hire an attorney is before you need one. To some, they think this is a waste of time and money. But they couldn’t be more wrong. You shouldn’t just contact an attorney once things have already started to go bad. This only allows you and them to focus on damage control and deal with the situation at hand.
But when you work with an attorney prior to needing one, you can prevent the circumstances that created that need from ever arising. By tackling issues right the first time, you can ensure that you don’t end up with any fires that you suddenly have to put out.
Issues will still arise, even when working with an attorney, but working with an attorney can let you see those issues ahead of time and start to prepare for them before they strike. Getting ahead of a bad situation can be exactly what is needed to prevent it from going catastrophic. As a business owner, your hands are already full of a thousand things. Don’t let important legal issues slip by, work with a business attorney, so you don’t have to worry about them.
How Do I Pick the Right Lawyer for My Business?
Picking the right lawyer to add to your team can be tricky. You’ll want to ensure that the lawyer you pick has the necessary skills to deal with the tasks your business will throw at them. Beware of attorneys that promise you the world but can’t deliver.
The best way to find an attorney that you’ll love working with is to reach out for a consultation. Here at The Wolf of Law Street, we pride ourselves on our knowledge of business law. But we know there are some things even we don’t understand. Contact us at (972) 573-4532 and let us know about what your business is looking for. If we don’t have the skills you need, we’ll help you find an attorney that does. But we don’t think it’s going to come to that. After all, years of experience have made The Wolf of Law Street the law firm trusted by many businesses.