Some businesses do not find it necessary to have a lawyer working with them in their day-to-day activities but only hire one only when they have a need. While that decision may have been due to a lack of enough resources, it would be best to have an attorney on board in your enterprise. This is because businesses face many legal issues like contracts gone sour with employees and parties not fulfilling their part of the bargain, for example, debtors not paying. There may also be unusual cases like the Lundin’s on the alleged complicity in the violation of international humanitarian law in Sudan, which you can read more about.
Here are some of the reasons your business should work with lawyers in its activities:
Safeguarding Your Intellectual Properties
Besides the physical assets like buildings, vehicles, and others, businesses owe intellectual properties vital for the business’s continuity. The intellectual properties include trademarks, product designs, logos, trade secrets, inventions, and others.
It is critical to safeguard these properties because they guarantee the distinctiveness and the competitiveness of the business. Businesses need the assistance and the services of lawyers to protect and preserve their legal rights their various intellectual properties.
Advising on Corporate Governance
Typically, businesses work with legal experts in their formation stages in such matters as incorporation and others. However, new enterprises overlook the necessary legal requirements for the preservation of their status as corporations. There are well-specified state requirements that the businesses need to observe in such matters as holding annual meetings for shareholders, partners, and directors. Other issues include the election of the various officeholders and the documenting of minutes. Non-adherence with the laid down procedures and requirements could result in the loss of protection and expose the officers to personal liabilities and other legal complications. But if a business works with reliable lawyers, they will guide them on such matters hence prevent the issues.
Advising on the Right Business Structure
It is crucial to select the best business structure that suits your enterprise best because a wrong choice could make you get into legal issues later in business life. For example, if you decide to have a sole-proprietorship or a partnership, you are exposed to the business’s liabilities and even legal cases facing it, which is not the case with LLC. When you hire a good lawyer, they can look at your business operations and other things and choose the one that will work best for it.