Estimated reading time: 5 mins
Emerging businesses have a great deal to contend against in the modern world, from economic uncertainty to digital dissonance and near enough everything in between.
This does little to deter the most iron-willed entrepreneurs, particularly since chasing their ultimate vision is bound to require more than a little hard work.
If this is starting to ring true for you, it is probably time to start thinking about where you can find help and support on your journey to the top of your game.
Depending on what stage your business is currently at, it may be in your best interests to enlist the services of a corporate lawyer.
They can offer your business some unique benefits, many of which could be the catalyst that drives your progression forward to the next stage.
If you are unsure as to which direction you head in, it is worth taking note of the ways in which a corporate lawyer can support your business in a practical sense.
Establishing Your Business Entity
Before you even get one foot off the ground, you will likely need to fill in heaps of paperwork to register yourself as a business entity.
The requirements to get registered will no doubt differ based on where you happen to be in the world, but regardless of this, it is usually quite tricky to get everything done right the first time without the help of a legal expert.
Failing to properly register your new business, or making a mistake on the official forms, could result in you paying too much or too little tax.
A corporate lawyer with a wealth of experience working with small businesses can be a saving grace in this area. Plus, it can be a great time saver, allowing you to start off on the right foot instead of hindering your efforts before you even get a chance to set them in motion.
At some stage in your career as a diligent business owner, you may find yourself forming partnerships with another company in order to grow your brand.
For this partnership to be mutually beneficial and above board, it needs to be officiated, and documents need to be signed, otherwise, you could find yourself drawing the short straw and losing out on a potentially lucrative opportunity.
Unfortunately, not everyone is as honest or as well-intentioned as they should be in the business world, so making sure that you protect yourself against this with the help of a great lawyer is essential.
If you find out that your new partnership is squeezing way too much out of you and riding off your success, but not giving too much in return, then having a detailed document to refer back to might end up saving your brand.
- A dependable lawyer can likely help with every business document you ever need to sign, no matter the situation, so if you were ever feeling unsure or uneasy, it is well-worth turning to the experts for some advice and guidance.
The world of hiring and firing is tough, difficult to navigate, and downright cutthroat at times.
With the help of your new corporate lawyer, you can protect both yourself and the employee against any potential grievances should they arise.
Employment contracts are put in place to provide mutual protection and detail staff responsibilities. Without them, you could be liable for a nasty lawsuit if they feel as though they have been unfairly dismissed.
You might not need an employment contract by law as such, but it is still worth having just in case, as it essentially helps to protect everyone’s best interests.
Plus, if the job is extremely complicated, it may be necessary just to highlight the responsibilities of your staff in full.
Again, your lawyer will be able to help you with this if you are struggling with what and what not to include on your own.
You might find yourself having to go ahead with some incredibly difficult business decisions every now and then, and some of them could have some serious ramifications without the right preparation or technique.
This is another area in which a reliable lawyer can prove invaluable. There will most likely be a time when an ethical conundrum requires you to take a measured and careful approach to business, which can be difficult to do by yourself.
For example, this might be an issue with an employee who needs to be fired, the actions you take after a data breach, a shareholder disagreement, or an international trade dispute for those of you trying to go global.
- If you are trying to go global, having a lawyer by your side is a huge advantage, as they should be able to guide you through the many intricacies involved with an international expansion.
A lawyer can help you draft up the ideal policy, one that not only keeps your company in line with compliance regulations but reassures your customers too.
This is important for the entire infrastructure of your business, from your internal processes to the way in which you present your brand to the public.
Fine-tuning each and every policy, process, and statement with the help of a seasoned expert may be able to give your emerging business the competitive edge that it needs to flourish.
Representing Your Company
If you end up in the midst of a legal battle, you will likely not want to take it on by yourself. A corporate lawyer is ideal in this capacity and in any other situation where you might need someone else to represent your company, such as a press release or a high-profile dispute with a competitor. If you are still on the fence about when you should hire a lawyer, just think about how much easier your life as a business owner would be if you did not have to spend so long on paperwork!