Professional, college educated, experienced attorneys understand the law better than you or your business partner or best friend, irrespective of the number of episodes of Suits they binge-watched within the past year. Your moral compass and capacity to reason logically does not matter. Lawyers understand the law. As a small business owner you may think you’re insured and ‘at the right’, if in reality you are way in over your head. Legal fees must be included as a cost in the initial business plan for any small business and should be included in yearly budgets, regardless of whether the cash is used. Think of it as further insurance. You would not forego paying annual property insurance, could you? Think of legal fees the exact same manner. Let’s take a look at multiple scenarios in which a attorney has to be employed to protect a small company at each turn.
Protect Your Idea.
If you build a new solution, service, process or idea it belongs to you and can be considered your intellectual property. You need to officially enroll your IP to make sure legal ownership.
IP can be a valuable business asset and because of this, that you need to know it and shield it. IP Australia provides detailed information including educational short videos on their YouTube Channel.
What will the structure of your small business be? This is a challenging question and a range of factors will determine the chosen direction, such as taxation, limitation of personal liability, asset protection, and ease of moving the enterprise.
Does your head hurt yet? Having Law on call is a great way to be certain your small business is setup correctly and legally.
Contracts written on the rear of a serviette at a restaurant won’t usually stand up in court. Neither will handshake or verbal agreements. Trust no-one. There are lots of, many different kinds of contracts that will have to be professionally drafted by lawyers to protect your small business as it grows. Listed below are a few to consider:
Client contract — in case your business provides an agency you require iron-clad customer contracts. Summarize the services that you supply, an anticipated start and completion date if needed, the prices you will charge, and also how and when you expect to get paid. A detailed client contract that sets out exactly what the customer will get can help avoid disputes between you and your customers and save you plenty of time and money in the long run.
Revenue Contract — If your business is involved in selling products then you’ll need a sales contract that can be signed by your clients or a set of internet sales terms and conditions which can be viewed in your sales site
Employment Contract — Should you employ any staff you will need an employment contract.
Purchasing and Selling
We hear in the news constantly about huge companies acquiring other, both large companies. As a small business operator, you might reach the stage of expansion where it’s a smart choice to purchase a different business enterprise. In buying a company, you should be clear about issues to do with leases or property and things regarding the valuation of the company itself, its own inventory and equipment.
When selling your organization, how should you structure the sale and payments? What should be included in any lawful contract of sale to secure your financial interests?
All of these are questions to get an attorney.