Running your own business is far from easy. Even starting up your own company can take years of preparation and a significant financial investment.
As a business owner, you have a lot to oversee. As well as being the face of the organization, it’s important to delegate certain tasks, particularly in relation to the legal aspects of your company. Here’s how a lawyer can help your business:
Drafting comprehensive (and legally valid) employment agreements
Employment contracts should be in place to protect both team members and the business. These agreements set out timeframes, remuneration, bonuses, notice periods, vacation times and much more.
If you don’t have legal guidance while drafting employment agreements, there’s a chance you could miss something vital. This opens the company up to potential lawsuits.
Creating the most advantageous company structure
If you’re a small business then you may take the form of a sole proprietorship. Nonetheless, most businesses opt for incorporation. Having someone with legal knowledge behind you can help ensure that you choose the appropriate structure and take the necessary steps to build a solid structural foundation.
Looking ahead and planning the exit strategies
Your investors and business partners may not want to stick around forever. This is why it’s so important to think about exit strategies for them. Shareholder agreements and partnership agreements can outline the terms relating to exits from the company. It’s possible that you may also be looking to leave at some point. A lawyer can help you negotiate a sale or come up with a succession plan to help ease the transition.
These are just some of the key benefits of having legal guidance behind you in business. It really is a fundamental component of protecting your interests.