For small business owners, asking help from a lawyer is similar to calling a doctor or fireman — they only call them when something already happened. But smart planning should also include preventing issues and ensuring that the business is safe against potential legal problems by working with a lawyer early on. Here’s how a business lawyer could help your small business.
Proper Corporate Governance
Although majority of corporations use a lawyer during the incorporation process, some new or small businesses often forget about the ongoing legal requisites for maintaining a corporation status. Partner, director, and annual shareholder must be held, and officer elections and recording of meeting minutes must conform to state requirements. Otherwise, you could risk your business’ corporate status and expose officers to lawsuits or other legal issues.
Many companies, most especially those in the technology industry, consider their employees’ skills and knowledge as among their most crucial assets. It’s inevitable for some employees to move on and leave, however, so it’s vital that you keep your business safe and prevent them from taking trade secrets to your competition. You can do this with an employment agreement, and your lawyer can help you in drafting one.
Your business operations could be at risk if a major shareholder or partner suddenly decides to exit. Corporations should have buy-back or buy-sell agreements in place to make sure that major shareholders and partners could sell their shares without putting unwarranted financial worries and legal predicaments on the business, says a business lawyer in Denver.
Intellectual Property Protection
Many intangible business assets must have legal protection. These include the business name, brand names, logos, propriety software, distinctive services and goods, and even manufacturing processes. Patent, copyright, and trademark registrations could aid in protecting the crucial things that provide your business competitive edge.
As you’ve read, many business dealings and processes require complex legal knowledge. Although you as the business owner could take on plenty of tasks to ensure your business’ success, some matters — most especially legal ones — are best left to professionals.