If you have a small but growing business, the legal aspects of running it can gradually become more complicated. As your business grows, there are a lot of legal situations that you may find yourself in where you may find that you need a lawyer that specializes in business transaction law. The laws around business transactions can vary from state to state and you want to ensure that your business interests are protected. Here is what you should know about business transaction law and your business.
A Lawyer Can Help
When it comes to business transaction law, you need a lawyer. Some situations where a lawyer's knowledge is invaluable include purchasing another business, merging with another business, forming a corporation, a limited liability company, or a partnership, selling equity to investors, and entering into joint ventures. If your business is likely to be in any of these situations, seeking out legal advice beforehand is a must. A lawyer will ensure that any changes you make to your growing business are in compliance with state and federal laws and that your business can continue to grow.
You Need To Protect Your Business
Avoiding lawsuits is a must for small businesses. One lawsuit can wreak havoc on a small business and make it difficult to continue. A lawyer who specializes in business transaction law will make sure that you are compliant with any business laws and protect you in case of a lawsuit. They can also work to resolve any conflicts before they turn into lawsuits. Protecting intellectual property is another thing that a business lawyer can do for your small business. You want to make sure that you have trademarks, protected copyrights, and other intellectual property assets in order.
The Cost
The cost of hiring a lawyer that works in business transaction law is another thing to consider. As your business grows, you need to have room in your budget for legal costs. Eventually legal advice will be needed. Costs can vary depending on the type of legal counsel you need and the individual lawyer. For looking over most business agreements, lawyers will charge between $100 and $400 per hour on average. Most agreements will take between 10 and 15 hours for a lawyer to look over. More complicated agreements, such as buying or selling a business, can take much longer.
Business transaction law is something that you may find yourself paying more attention to as your business grows. A lawyer who specializes in this type of law can be a big help. Protecting your business interests is a must as your business grows. You should also consider working the cost of legal advice into your budget as your small business expands. Contact a firm, like Boynton Waldron Doleac Woodman, for more help.
Share11 April 2018
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